Canada’s Inflation Rises to 6.7% — Highest Since 1991
The spike in prices over the month of March is the largest monthly increase since January 1991, when the goods and services (GST) tax was introduced.
In March, Canadian consumer prices increased 6.7% year over year, one percentage point higher than the gain in February (+5.7%) making it the largest increase since January 1991 (+6.9%). https://t.co/WKzNZqyVkH pic.twitter.com/gsBDYTDidO
— Statistics Canada (@StatCan_eng) April 20, 2022
Canada’s inflation rate rose to 6.7 per cent in March, far more than economists were expecting and a full percentage point higher than February’s already 30-year high.
Statistics Canada reported Wednesday that all eight categories of the economy that the data agency tracks rose, from food and energy to shelter costs and transportation.
BREAKING: Inflation hits 6.7% in Canada.
The NDP-Liberal Government will push to print more money while Canadians fall further and further behind.
They are offering no solutions to the cost of living crisis, only higher taxes and further spending.
— Candice Bergen (@CandiceBergenMP) April 20, 2022
Inflation is at a 30-year high in Canada. Listening to the radio on my way to work. The host asks the academic "expert" from McGill what Canadians can do to fight inflation. His answer. "Look for sales. Buy fruit that's in season". I just want to punch the radio.
— Martyupnorth's fact-checking twin brother® 🇨🇦 (@Martyupnorth_2) April 21, 2022
Canada is not the only country grappling with high inflation. In the U.S., the inflation rate hit a 40-year high of 8.5 per cent last month.
While the cost of just about everything is going up fast, transportation costs are leading the way, up 11.2 per cent in the past year. A big reason for that increase is the 39.8 per cent rise in gasoline costs since March of last year.
Canadian news outlet CBC reported that gasoline prices “rocketed higher in March mostly due to Russia’s invasion of Ukraine throwing global supplies into chaos.”