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Canada Records 21.2 Percent Increase in Energy Prices
(MENAFN) Energy prices in Canada climbed sharply by 21.2% in March compared with February, while consumer prices rose 0.9% over the same period, according to data released Monday by Statistics Canada.
The agency said the increase was driven largely by a record surge in gasoline prices, attributing the spike to a supply shock linked to the conflict in the Middle East. “The largest price increase for gasoline on record, due to the supply shock resulting from the conflict in the Middle East,” a press release stated.
On an annual basis, Canada’s inflation rate rose to 2.4% in March, up from 1.8% in February.
Energy prices also turned higher year-over-year, increasing 3.9% after a 9.3% decline in February.
“Excluding gasoline, the CPI rose at a slower pace year over year in March (+2.2%) compared with February (+2.4%),” the agency added.
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