Economics
Inflation Hits 5.7% in Canada With More Price Spikes Looming
- Gains exceed Bank of Canada control range for 11th month
- Macklem beginning aggressive interest-rate hiking cycle
Shoppers walk through a mall in Toronto. Inflation has now exceeded the Bank of Canada’s 1% to 3% control range for 11 straight months.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Canadian consumer price inflation jumped to a new three-decade high in February, cementing expectations the Bank of Canada will aggressively hike interest rates in coming months to rein in price pressures.
Annual inflation was 5.7% last month, up from 5.1% in January, Statistics Canada reported Wednesday in Ottawa. That’s the highest since August 1991 and exceeds the median estimate of 5.5% in a Bloomberg survey of economists.