ICYMI: Canada's inflation rate comes in much hotter than expected — via financialpost Canada inflation economy
, which attempts to mirror the country’s shopping patterns by monitoring the costs of 700 goods and services each month, increased 6.7 per cent in March from a year earlier, compared with a gain of 5.7 per cent in February.
It was the biggest year-over-year gain since January 1991, when the index rose 6.9 per cent, and well outside the top end of the Bank of Canada’s comfort zone of one per cent to three per cent. The index rose 1.4 per cent from February, compared with a previous month-to-month increase of one per cent.
Bay Street, based on the median forecast of economists at banks and research firms, was expecting an annual increase of 6.1 per cent and a monthly increase of 0.9 per cent.Article contentAlmost everything was more expensive last month than in March 2021. Statistics Canada groups the goods and services it measures in eight buckets and all of them posted increases.
Excluding gasoline, the index increased 5.5 per cent from March 2021, the most since the agency introduced that aggregate in 1999. The figure was 4.7 per cent in February, suggesting inflationary pressures spread and grew more intense last month. Still, gasoline is the major driver, accounting for almost 40 per cent of the year-over-year increase, according to Statistics Canada.There is some disinflationary pressure out there. Mortgage costs were 5.4 per cent cheaper and telephone costs dropped 2.5 per cent. Vehicle registration fees plunged almost 30 per cent after Ontario, the country’s biggest province, eliminated them.Article content
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