Canada’s inflation rate jumped to 5.7 per cent in February, up from 5.1 per cent a month earlier.
Statistics Canada announced Wednesday that it was the largest gain recorded in more than 30 years.
“Price increases were broad-based in February, pinching the pocketbooks of Canadians,” the agency said in its report.
Motorists paid 32.3 per cent more at the fuel pumps compared to the same time last year.
It comes amid geopolitical conflict in Eastern Europe and the Middle East as uncertainty surrounding global oil supply put upward pressure on prices.
Grocery prices rose by 7.4 per cent, the largest yearly increase recorded since 2009.
“Higher input prices and heightened transportation costs continued to contribute inflationary pressure in February,” said Statistics Canada.
Shelter costs also rose in February at their fastest pace since 1983, climbing by 6.6 per cent.
In February, Canadian consumer prices increased 5.7% year over year, up from a 5.1% gain in January. This was the largest gain since August 1991 (+6.0%). https://t.co/Uftg9XWi5A #CPI pic.twitter.com/dJT6VNTsRR
— Statistics Canada (@StatCan_eng) March 16, 2022
