May 24th, 2024

Annual inflation rate increased to 2.9 per cent in March as gasoline prices rose

By The Canadian Press on April 16, 2024.

Statistics Canada will release its latest reading on inflation this morning. A person prepares to fill up at a gas station in Mississauga, Ont., Tuesday, February 13, 2024. THE CANADIAN PRESS/Christopher Katsarov

OTTAWA – Statistics Canada says the annual inflation rate ticked higher in March compared with February, boosted by higher prices for gasoline.

The agency says its consumer price index for March was up 2.9 per cent compared with a year ago, up from a 2.8 per cent year-over-year increase in February.

The increase came as gasoline prices rose 4.5 per cent compared with a year earlier, helped higher by an increase in global oil prices.

Meanwhile, shelter prices continued to contribute to overall inflation as they were up 6.5 per cent compared with a year ago.

Mortgage interest costs in March rose 25.4 per cent on a year-over-year basis, while rent prices in March increased 8.5 per cent compared with a year earlier.

Excluding gasoline, Statistics Canada says the annual inflation rate for March was 2.8 per cent, down from 2.9 per cent in February.

This report by The Canadian Press was first published April 16, 2024.

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