The Canadian Department of Statistics reported that the annual inflation rate rose to 5.7% in February. This is the highest level since August 1991 and is an increase of over 5% for two consecutive months.
The thing that drove the increase in February was a higher surge in petrol prices, an increase of 32.3% over February 2021 and 6.9% from the previous month. .
Retail store prices rose 7.4 % for the largest annual increase since May 2009, coupled with the cost of fuel passed on to consumers. At the same time the cost of coverage, including prices for homes and rental units, increased at the fastest rate since August 1983.
The Canadian currency experienced a slight depreciation against the US dollar with USD/CAD trading down 0.43% to the trading level of 1.2708.
