https://sputnikglobe.com/20220316/canada-inflation-rate-spikes-to-highest-level-since-august-1991-1093932436.html
Canada Inflation Rate Spikes to Highest Level Since August 1991
Canada Inflation Rate Spikes to Highest Level Since August 1991
Sputnik International
TORONTO (Sputnik) - Canada’s inflation rate rose to 5.7 percent in February, marking the highest increase since August of 1991, the state statistics agency... 16.03.2022, Sputnik International
2022-03-16T15:02+0000
2022-03-16T15:02+0000
2023-03-05T11:22+0000
canada
inflation
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“In February, Canadian consumer prices increased 5.7% year over year, up from a 5.1% gain in January. This was the largest gain since August 1991 (+6.0%),” Statistics Canada said in its monthly month Consumer Price Index (CPI) report.Skyrocketing energy and housing prices are largely responsible for keeping the inflation rate above 5% for the second straight month, the agency said. Excluding the gas price spike, the CPI rose 4.7% in February.Statistics Canada said prices at the pump were up 32.3% as a result of “geopolitical conflict” in Eastern Europe and the Middle East. Meanwhile, housing prices rose 6.6% in February - the sharpest increase since August 1983.The spikes are having an impact at the grocery checkout counters as food prices have soared 7.4% year-over-year, with meat and dairy products seeing the sharpest increase.Critics are placing blame at the feet of Prime Minister Justin Trudeau and his government, with Conservative Party leader-candidate Pierre Poilievre branding the spike “Justinflation” and saying Ottawa’s monetary policy is driving Canadians into financial hardship.The Canadian inflation rate last topped current level during the 1990-92 recession when the CPI hovered between 4% and 6.5%, reaching a high of 6.91% percent in January 1991.
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Canada Inflation Rate Spikes to Highest Level Since August 1991
15:02 GMT 16.03.2022 (Updated: 11:22 GMT 05.03.2023) TORONTO (Sputnik) - Canada’s inflation rate rose to 5.7 percent in February, marking the highest increase since August of 1991, the state statistics agency said on Wednesday.
“In February, Canadian consumer prices increased 5.7% year over year, up from a 5.1% gain in January. This was the largest gain since August 1991 (+6.0%),” Statistics Canada said in its monthly month Consumer Price Index (CPI) report.
Skyrocketing energy and housing prices are largely responsible for keeping the inflation rate above 5% for the second straight month, the agency said. Excluding the gas price spike, the CPI rose 4.7% in February.
Statistics Canada said prices at the pump were up 32.3% as a result of “geopolitical conflict” in Eastern Europe and the Middle East. Meanwhile, housing prices rose 6.6% in February - the sharpest increase since August 1983.
The spikes are having an impact at the grocery checkout counters as food prices have soared 7.4% year-over-year, with meat and dairy products seeing the sharpest increase.
Critics are placing blame at the feet of Prime Minister Justin Trudeau and his government, with Conservative Party leader-candidate Pierre Poilievre branding the spike “Justinflation” and saying Ottawa’s monetary policy is driving Canadians into financial hardship.
The Canadian inflation rate last topped current level during the 1990-92 recession when the CPI hovered between 4% and 6.5%, reaching a high of 6.91% percent in January 1991.
