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Inflation rose 2.2 per cent in March compared to the same month last year: Statistics Canada
BY , Apr 21, 2021 5:27 PM - REPORT AN ERROR
A sign outside a building at Statistics Canada in seen in Ottawa on Friday, March 12, 2021. THE CANADIAN PRESS/Justin Tang
Statistics Canada says inflation rose 2.2 per cent in March compared to the same month last year, riding mostly on the back of 35.3 per cent year-over-year increase in gasoline prices.
TD senior economist James Marple says headline inflation only hit a pandemic-era high because it was compared to very weak prices at the onset of the pandemic last year.
He says the country may see stronger price growth later this year if high-contact services re-open and bring back displaced workers.
Marple also says inflation may feel higher for many Canadians who have shifted spending towards larger homes, for instance.
Statistics Canada says homeowner replacement costs, which are linked to the price of new homes, rose 7.9 per cent between March 2020 and last month, marking the largest yearly increase since December 2006.
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