By Canadian Press

Statistics Canada scheduled to released February inflation report

Mar 16, 2022 | 2:03 AM

OTTAWA — Statistics Canada say this morning how fast prices rose in February with broad expectations that the annual pace of inflation will rise from January.

The annual rate of inflation hit a three-decade high in January when the consumer price index registered a year-over-year increase of 5.1 per cent.

Price pressures have become more pervasive over the past few months.

RBC economists Nathan Janzen and Claire Fan say they expect pressures to continue to appear across an array of products in February to push the annual rate to 5.4 per cent.

But the duo warn that inflation likely didn’t peak in February.

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They say the rate could get closer to six per cent in March on the back of surging prices at the gas pumps and grocery stores as Russia’s invasion of Ukraine pushed up global oil and wheat prices.

This report by The Canadian Press was first published March 16, 2022.

The Canadian Press