Annual rate of inflation hit 6.7 per cent in March: StatCan

OTTAWA –

Statistics Canada reports that the March annual rate of inflation was 6.7%, which is the fastest increase in consumer price index year-over-year since January 1991.

This is compared to the gain of 5.7% in February.

Majority of March’s increase was due to higher gasoline prices. They rose by 39% in March compared to one year ago.

Statistics Canada claims that the consumer price indicator would have risen 5.5% year-overyear if gasoline had been excluded from its calculations.

The agency noted that price pressures continued to be high in March because of Ukraine’s hot housing market, supply chain constraints, and the war with Ukraine that has had an impact on oil and food prices.

According to the agency, homeowner replacement costs (which include prices for new homes) rose by 12.9 percent year-over-year during March.

This report by The Canadian Press first appeared April 20, 2022.