Canada inflation jumps to 6.7%

Canada inflation jumps to 6.7%

Canada inflation jumps to 6.7%
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Canadians paid 6.7 percent more for goods and services in March than a year earlier, the government statistical agency stated on Wednesday, mentioning the largest rise in inflation in ever three decades.

The following inflation above 5 percent in  January and February, the March discern crowned economists’ expectations and caused predictions of every other hefty vital bank hobby price hike soon.

“It’s clear that the Bank of Canada wishes to maintain to act ‘forcefully’ to quell further inflationary pressures,” Desjardins analyst Royce Mendes said in a studies word.

After a 50 basis point increase in the Bank of Canada’s key lending rate, he said to expect another 0.5 percentage point hike in June.

Statistics Canada said the inflation increase was the largest since Canada introduced a consumption tax in January 1991.

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Price increases in March were spread across all major categories, amid sustained upward pressure in the housing market, as well as “substantial supply constraints and geopolitical conflict, which has affected energy, commodity, and agriculture markets,” the agency said in a statement.

Year on year, consumers notably paid 39.8 percent more for gasoline in March and 61.0 percent more for fuel oil and other fuels.

A global shortage of semiconductors, a key input in vehicle assembly, continued to factor into higher prices for cars and trucks.

Supply chain issues and higher input and shipping prices contributed to an increase in the cost of furniture.

Shoppers paid 8.7 percent more for food at grocery stores.

Canadians also paid greater to dine out, tour, and stay at lodges.

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