Canada’s annual inflation rate rose to 2.4 per cent in March, Statistics Canada said on Monday.
High prices for energy, especially gas, due to the war in Iran drove inflation higher in particular. Energy prices were 3.9 per cent higher compared to a year ago, and rose 13.1 per cent on a monthly basis.
Economists widely expected higher gas prices from the war in Iran to drive inflation up. A Reuters poll showed economists expected the annual rate of inflation to accelerate to 2.5 per cent in March from 1.8 per cent in February, according to LSEG Data & Analytics.
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