OTTAWA (NEWS 1130) – The annual pace of inflation rose 2.2 per cent in March.
Statistics Canada says the year-over-year increase in the Consumer Price Index was largely due to a plunge in princes in March of 2020, when COVID-19-related shutdowns began.
The increase compared with a 1.1 per cent year-over-year increase in February, which was then a pandemic-era high.
#Breaking March CPI inflation rate jumps 2.2% y/y…due mainly to a plunge in prices a year ago with the Covid related economic shutdown. Core CPI up 1.9%
Price pressures likely to moderate over coming months.
— mike eppel (@eppman) April 21, 2021
The figures for March marked a new high, but one that saw prices compared against a year ago when the first wave of COVID-19 crashed on Canada’s shores.
March gas prices, for example, were up 35.3 per cent compared with the same month last year when prices reached a four-year low at the onset of the pandemic.
Statistics Canada says about one-fifth of the increase in gasoline prices was due to the comparison with prices in March 2020.
On a seasonally adjusted monthly basis, the CPI rose 0.1 per cent last month.
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