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Published on May 19, 2021 6:47:31 PM ● Video Link: https://www.youtube.com/watch?v=7x9tNNv5PNg

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Canada's annual inflation rate rises at fastest pace since 2011

Statistics Canada says the consumer price index in April was up 3.4 per cent compared to a year ago, when prices plunged due to the pandemic.

Year-over-year inflation rose at its fastest pace since May 2011, the agency said Wednesday.

Prices rose in every major component on a year-over-year basis — and slightly faster than economists predicted. Analysts polled by Reuters had expected the annual rate to rise to 3.2 per cent in April.

Gasoline prices in April were up 62.5 per cent on a year-over-year basis, the largest annual increase Statistics Canada has on record.

#canadianpeso #inflationincanada #inflationgoingnuts