Canada’s inflation rate reached a new 31-year high of 6.7 per cent in March.
That is a full percentage point higher than the 5.7 per cent gain we saw in February.
Statistics Canada said it was the fastest year-over-year increase since January 1991.
“Inflationary pressure remained widespread in March, as prices rose across all eight major components,” the agency said in its monthly report.
“Prices increased against the backdrop of sustained price pressure in Canadian housing markets, substantial supply constraints and geopolitical conflict, which has affected energy, commodity, and agriculture markets.
Gasoline prices rose 39.8 per cent while prices for fuel oil and other fuels rose 61 per cent.
Shoppers paid nearly nine per cent more for food purchased from stores — the largest year-over-year increase since March 2009.
Prices for dairy products and eggs rose 8.5 per cent, while prices for pasta products were up 17.8 per cent.
Consumers also saw a 7.3 per cent jump in prices for durable goods — the biggest increase in 40 years — led by passenger vehicles and furniture.
Broken down by province, Prince Edward Island saw the biggest increase in inflation at 8.9 per cent, followed by New Brunswick and Manitoba (7.4 per cent), Ontario (seven per cent) and Nova Scotia (6.8 per cent).
You can find the full report online by clicking here.
