Wednesday, April 20, 2022

Inflation roaring

Canada's inflation rate rose to 6.7 per cent in March, far more than economists expected and the steepest increase since 1991.

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.

"The spike in prices over the month of March is the largest monthly increase since January 1991, when the goods and services tax was introduced," said economist Royce Mendes of Desjardins Group.

Gasoline prices went up by almost 40 per cent and  butter went up by more than 16 per cent, double the Feb. 1 increase farmers got for milk.