Canadian Inflation Explodes To 3.3% Crushing All Expectations

Canadian inflation has surged to 3.3%, year-over-year in March, according to the latest report from Statistics Canada.

That’s a 30-month high, and a massive leap over February, where prices gained 2.2% year-over-year. And it’s all about food and energy.

From Statistics Canada:

Energy prices increased 12.8% during the 12 months to March, following a 10.6% advance in February. Gasoline prices increased 18.9% in March, following a 15.7% gain in the 12 months to February. Prices for fuel oil and other fuels increased 31.3%, while electricity prices rose 4.3%.

Excluding energy, the Consumer Price Index (CPI) rose 2.4% in the 12 months to March, following a 1.4% increase in February.

Prices for food purchased from stores rose 3.7% in March, the largest year-over-year advance since August 2009. This increase follows a 2.0% gain in February.

Other items that contributed significantly to the pickup in prices were travel services, clothing, and the purchase of passenger vehicles.

Don’t miss: Why Jim Grant believes inflation will come suddenly >

If those numbers don’t blow you away, check out the visuals. Clearly, core is spiking too.

Chart

Photo: Statistics Canada

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