Consumer prices in Canada rose 5.7% year over year in February, up from the 5.1% growth recorded in January.
This increase in the rate of inflation was the strongest since the 6% increase in August 1991.
Excluding gasoline, the Consumer Price Index (CPI) rose 4.7% year over year in February, compared to 4.3% in January. Last month, Canadian motorists paid 32.3% more at the pump than in February 2021.
On the other hand, Statistics Canada observed that year-over-year prices for food purchased from stores rose 7.4% in February, the largest annual increase since May 2009, largely due to due to a jump in meat prices.
Shelter costs posted the largest increase since August 1983, up 6.6% year over year in February.
Statistics Canada observed that on a year-over-year basis, prices rose more sharply in February than in January in all provinces.
Compared to February 2021, the CPI increased last month by 5.4% in Quebec, 5.7% in Nova Scotia, 6% in New Brunswick and 7.4% in PEI. of Prince Edward.