US Edition
Statistics Canada set to report March inflation data
Gasoline rose 21.2% in March and food costs also climbed, pushing annual inflation above the Bank of Canada’s target range, Statistics Canada said.
- On Monday, Statistics Canada reported the annual inflation rate rose to 2.4% in March, with prices jumping 0.9% on the month—the largest monthly spike in 14 months.
- Higher crude costs tied to the Iran conflict pushed gasoline prices up 5.9% annually and 21.2% monthly, as oil shipments from the Strait of Hormuz remained choked.
- Food prices also contributed to headline inflation, with store-bought items rising 4.4% and fresh vegetables up 7.8%; core measures remained muted at CPI-median 2.3% and CPI-trim 2.2%.
- The Bank of Canada has signaled it will look through initial inflationary spikes but will act to ensure gas prices do not become persistent, ahead of its April 29 forecast update.
- RBC senior economist Claire Fan noted the federal government's removal of the consumer carbon price last year has dampened annual inflation comparisons, providing context for the March figures.
35 Articles
35 Articles
Canada’s annual CPI rises to 2.4% as Iran war spikes gasoline costs
By Promit Mukherjee OTTAWA, April 20 (Reuters) – Canada’s annual inflation rate rose 2.4% in March, with prices jumping 0.9% on the month, as higher crude oil costs drove up gasoline prices, data showed on Monday. The headline annual inflation rate was last seen at this level in December. The monthly inflation spike was the highest in 14 months, Statistics Canada said. The Iran war, which started in the end of February, has choked crude oil sh…
The Toronto Star
Statistics Canada set to report March inflation data
OTTAWA - Statistics Canada is set to report fresh inflation data for March this morning.
Canada Consumer Price Index (MoM) registered at 0.9%, below expectations (1.1%) in March
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