ICYMI: Canadian inflation rate climbs to three-decade high at 5.7% – via financialpost Canada inflation
Statistics Canada’s consumer price index increased 5.7 per cent from February 2021, the most since August 1991 and a big jump from the January rate of 5.1 per cent, the agencyThe central bank appears to have misjudged the upward pressure on prices, as it predicted in January that the consumer price index would average year-over-year increases of 5.1 per cent in the first quarter. The average over the first two months is 5.
There was more evidence inflation was spreading, as Statistics Canada’s measure of inflation, excluding gasoline, increased 4.7 per cent from February 2021, the most since the agency created the gauge in 1999. The previous record was set a month earlier, when the index increased 4.3 per cent. Policy-makers at the central bank think most of the inflation is the result of factors over which they have little control. The global economy recovered from the initial shock of the pandemic faster than most expected, causing a mismatch between supply and demand. Drought and other extreme weather in major agricultural regions led to poor yields, driving up the cost of food. Now, war in Europe is stoking oil and other commodity prices anew.
“The economy is now in a place where moving to a more normal setting for interest rates is appropriate,” Macklem said in a speech on March 3, a day after he and his deputies lifted the benchmark interest rate a quarter point to 0.5 per cent, the first increase in more than three years.Article content
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