Canadian inflation rose to 6.7% year-on-year in March, the highest increase since January 1991, the government's statistics agency said on Wednesday
TORONTO (Pakistan Point News / Sputnik - 20th April, 2022) Canadian inflation rose to 6.7% year-on-year in March, the highest increase since January 1991, the government's statistics agency said on Wednesday.
"In March, Canadian consumer prices increased 6.7% year over year, one percentage point higher than the gain in February (+5.7%). This was the largest increase since January 1991 (+6.9%)," Statistics Canada said in its monthly Consumer Price Index (CPI) report.
Skyrocketing energy and housing prices continue to be largely responsible for keeping the inflation rate above 5% for the third straight month, the agency said. Excluding the gas price spike, the CPI rose 5.5% year-on-year in March.
Statistics Canada said prices at the pump were up 39.8% because of "supply uncertainty" as Russia continues its special military operation in Ukraine.
The spike is having an impact on grocery checkout counters as food prices have soared 8.7% year-on-year - the largest increase since the end of the global economic crisis observed between 2007 and 2009.
Prime Minister Justin Trudeau has - along with other Western leaders, including US President Joe Biden - attempted to shift the blame for out-of-control prices on Moscow.
The Canadian inflation rate last topped the current level during the 1990-92 recession when the CPI hovered between 4% and 6.5%, reaching a high of 6.9% percent in January 1991.
