Economics
Canadian Inflation Blows Past Expectations, Spiking to 6.7%
- Price pressures stoke bets for second half-point rate hike
- Return to more normal readings expected to be prolonged
Gasoline prices were the biggest contributor to Canadian consumer price inflation in March.
Photographer: Taehoon Kim/BloombergThis article is for subscribers only.
Canadian consumer price inflation shot past expectations in March, jumping to a new three-decade high and cementing expectations the Bank of Canada will continue with aggressive interest rate hikes in coming weeks.
Annual inflation rose to 6.7% last month, up from 5.7% in February, Statistics Canada reported Wednesday in Ottawa. That’s the highest since January 1991 and exceeds the median estimate of 6.1% in a Bloomberg survey of economists.