Rising gasoline and shelter prices continue to put pressure on the country’s inflation rate, according to Statistics Canada.
The Consumer Price Index ticked up to 2.9 per cent in March, compared to 2.8 per cent in February.
“Gasoline prices contributed the most to the year-over-year headline acceleration, as prices at the pump rose faster in March compared with February,” StatCan said in its monthly report released Tuesday.
The price of gasoline increased 4.5 per cent year over year in March, following a 0.8 per cent rise in February.
StatCan said higher global crude oil prices stemmed from supply concerns amid geopolitical conflict and continued voluntary production cuts.
Month over month, gasoline prices increased 4.9 per cent in March. Prices rose as a slower pace in Eastern Canada and at a faster pace in Western Canada.
Shelter prices also continued to apply upward pressure, rising 6.5 per cent year over year in March.
Rent prices were up 8.5 per cent on a year-over-year basis, following an 8.2 per cent increase in February.
“Among other factors, a higher interest rate environment, which can create barriers to homeownership, put upward pressure on the index,” said StatCan.
The price of food increased three per cent in March, down from the 3.3 per cent increase we saw in February.
Year over year, prices rose at a faster pace in March compared with February in seven provinces.
CPI rose by 3.6 per cent in Quebec, 3.5 per cent in Alberta, 3.3 per cent in Nova Scotia, 3.1 per cent in Newfoundland and Labrador, 2.7 per cent in British Columbia, 2.6 per cent in Prince Edward Island, 2.6 per cent in New Brunswick, 2.6 per cent in Ontario, 1.5 per cent in Saskatchewan, and 0.8 per cent in Manitoba.
You can view the full report on Statistics Canada’s website.
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