According to Statistics Canada, the annual rate of inflation hit 6.7% in March, the biggest year-over-year increase in the consumer price index since January 1991.
The increase from the 5.7 percent gain in February.
Much of March’s increase was fueled by higher prices at the pump, with gasoline prices up 39.8% from the same month a year earlier.
According to Statistics Canada, the consumer price index would have risen 5.5% year over year if it had excluded gasoline from its calculations.
The agency notes that price pressures remained widespread in March due to the country’s boiling real estate market, supply chain constraints and the war in Ukraine which affected oil and food prices. .
The agency says homeowners’ replacement costs, which include new home prices, rose 12.9% year-over-year in March.
This report from The Canadian Press was first published on April 20, 2022.