Canada’s inflation rate ticked up in March amid higher gas prices

Canada ’s inflation rate slowed to 2.8% in February, beating expectations for 2nd consecutive monththat the overall inflation in the country was up 2.9 per cent year-over-year in March, from 2.8 per cent the previous month.At the gas pumps, Canadians saw a 4.5 per cent year-over year price jump in March, compared to 0.8 per cent increase in February.

This was due to higher global crude oil prices arising from supply concerns amid “geopolitical conflict and continued voluntary production cuts,” StatCan said.Shelter prices, that went up in March at the same annual rate of 6.5 per cent as February, also contributed to overall inflation ticking higher.The price of clothes and shoes, that saw the two largest declines in January and February since the start of the COVID-19 pandemic, rose in March by 1.8 per cent.

This latest inflation report will be scrutinized by the Bank of Canada which kept its key interest rate on hold last week at five per cent for the sixth straight decision, but said it is “within the realm of possibilities” that it could cut interest rates in June.The central bank has said it has seen good progress on inflation but needs to see sustained evidence it is headed toward its two per cent target.

The inflation report comes as the federal government prepares to release its budget later this afternoon.Some fixed mortgage rates are up despite hints of Bank of Canada cuts. Why?Freeland set to table 2024 federal budget in the House of CommonsUnderstanding the carbon tax: What Canadian families need to know about rebatesMolly the magpie finally reunites with dog ‘best friend’ after public outcry

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