Inflation continues to accelerate in Canada, as the Consumer Price Index rose 5.7% in February.
Posted at 8:41 a.m.
This is the largest increase since the 6% recorded in August 1990, said Wednesday Statistics Canada. Inflation crossed the 5% threshold for the first time in January.
February’s price increase was widespread. Consumers paid more for gasoline and groceries in February 2022 compared to the same month a year earlier. The upward trend in shelter costs continued, with the steepest year-over-year increase since August 1983.
Excluding gasoline, the Consumer Price Index (CPI) rose 4.7% year over year in February, outpacing January’s increase (+4.3%), which was the largest increase in the index since its introduction in 1999.
In Quebec, the inflation rate went from 5.1% to 5.4% in February.
In the United States, inflation reached 7.9% in February.