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Annual pace of inflation leaps higher in March

Last Updated Apr 21, 2021 at 6:03 am PDT

FILE - Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. THE CANADIAN PRESS/Sean Kilpatrick
Summary

Consumer Price Index up 2.2 per cent in March year-over-year

Annual rate of inflation was up in March from 1.1 per cent increase in February

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.

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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