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