Inflation inches higher in February due to rising gasoline prices

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Statistics Canada says the annual pace of inflation ticked slightly higher in February, largely driven by higher gasoline prices.

The consumer price index in February was up 1.1 per cent compared with a year earlier, and up from the year-over-year increase of 1.0 per cent recorded in January.

“Higher prices at the gas pumps were the driver in February and will continue to push inflation higher over the next several months,” TD Economics said in a statement.

Gasoline prices have continued to rise through March, it said.

Financial data firm Refinitiv had said that the average economist estimate is for a year-over-year increase of 1.3 per cent.

Statistics Canada noted a five per cent year-over-year increase in gasoline prices, marking the third straight month of gains.

Excluding gasoline prices, the agency’s consumer price index would have risen by one per cent in February.

The agency also said homeowner replacement costs, which are linked to the price of new homes, rose seven per cent between February 2020 and last month, marking the largest yearly increase since February 2007.



www.cbc.ca 2021-03-17 13:51:03

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