Canada's consumer inflation soars 6.7% in March, highest annual gain over 30 years

By Ovunc Kutlu

ANKARA (AA) - Canada's consumer inflation soared 6.7% in March, marking the highest annual gain over 30 years, according to Statistics Canada data released on Wednesday.

While this is one percentage point higher than the gain in February, it was the largest annual increase since January 1991, it said in a statement.

Consumer price index (CPI) in the country jumped 5.7% in February, from the same month of last year, marking the largest annual gain since August 1991.

The market expectation for consumer prices was to increase 6.1% in March.

"Prices increased against the backdrop of sustained price pressure in Canadian housing markets, substantial supply constraints and geopolitical conflict, which has affected energy, commodity, and agriculture markets," the statement said.

On a monthly basis, the CPI rose 1.4% in March, following a 1% gain in February. The market estimate was a monthly gain of 1% for March.

"In March, gasoline prices rose 11.8% month over month, following a 6.9% increase in February," it said.