Canada’s inflation rate surges to a fresh 30-year high

In Economics & International Trade by CECAdmin

March 16 (Reuters) – Canada’s annual inflation rate accelerated in February to hit a fresh 30-year high, with broad price gains hitting consumers on all fronts, data showed on Wednesday, bolstering the case for the Bank of Canada to move forcefully on rates.

At 5.7%, the gain beat analysts’ estimates of a rise of 5.5% and is the highest since August 1991, when the inflation rate hit 6.0%, Statistics Canada said. It was the 11th consecutive month above the Bank of Canada’s 1% to 3% control range.

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