Canada's annual inflation rate accelerated faster than expected in March, hitting a 31-year high amid broad price pressures, official data showed on Wednesday, pointing toward another oversized rate hike from the Bank of Canada in June.
The headline rate hit 6.7% in March, well above analyst expectations of 6.1% and a full percentage point higher than in February. It was the 12th consecutive month above the central bank's 1-3% control range and just short of the 6.9% hit in January 1991.
The Canadian dollar rose to a three-week high of 1.2503 to the greenback, or 79.98 U.S. cents, after the data.Countries around the world are grappling with hot inflation coming out of the COVID-19 pandemic amid booming demand and supply chain bottlenecks. Russia's invasion of Ukraine has put pressure on key commodity prices, adding to the pinch.
Statscan noted continued price pressures on housing and said a very tight labor market was driving wage inflation. Durable goods rose at the fastest rate since 1982, driven by vehicle and furniture prices.
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