Statistics Canada says annual inflation rate hit 6.7 per cent in March

gas pump

Statistics Canada says the annual rate of inflation hit 6.7 per cent in March, the fastest year-over-year increase in the consumer price index since January 1991.
    
The increase compared with gain of 5.7 per cent in February.
    
Fuelling much of the increase in March were higher prices at the pumps as gasoline prices rose 39.8 per cent compared with the same month one year earlier.
    
Statistics Canada says the consumer price index would have been up 5.5 per cent year-over-year if it had excluded gasoline from its calculations.
    
The agency notes price pressures remained widespread in March on the back of the country's hot housing market, supply-chain constraints and the war in Ukraine that has affected prices for oil and food.
    
The agency says homeowner replacement costs, which includes prices for new home prices, rose 12.9 per cent year-over-year in March.

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