March inflation report to be released as price pressures build

OTTAWA –

Statistics Canada will announce this morning how fast prices rose in March. This is just one month after rising gasoline prices and higher grocery costs pushed the annual inflation rate up to its highest pace in over 30 years.

According to Statistics Canada, February saw a 5.7% annual inflation rate. This was the largest increase in consumer price index since August 1991.

Prices for gasoline and groceries were a major factor in driving the rate higher, which grew further in March after Russia invaded Ukraine.

Rannella Bill-Ochieng’ and Nathan Janzen, RBC economists, say that the conflict in Ukraine has caused disruptions to global supply chains and increased price pressures.

According to the duo, the annual inflation rate could reach six percent for March. This is due to soaring gas prices and the Russian invasion of Ukraine.

Inflation was also expected to be fueled by price increases in the country’s hot housing market.

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