Canadian CPI Inflation Rises to 5.7%
StatsCanada today reported that consumer prices rose 5.7% year-over-year in February, up again from the prior month’s 5.1% rise. This was the largest gain since August 1991 (+6.0%).
This was no surprise, as the Ukraine War has stepped up inflation pressure worldwide. The US CPI rose a whopping 7.9% last month (see chart below).Price increases were broad-based in February, pinching the pocketbooks of Canadians. Consumers paid higher prices for gasoline and groceries in February 2022 compared with the same month a year earlier. Shelter costs continued to trend higher, rising at the fastest year-over-year pace since August 1983.
Original Article Source Credits: Dominion Lending Centres, https://dominionlending.ca/
Article Written By: Sherry Cooper
Original Article Posted on: March 16, 2022
Link to Original Article: https://dominionlending.ca/economic-insights/canadian-cpi-inflation-rises-to-5-7