By: Thomas I. Likness
Eagle News Service

(Eagle News) — Inflation in Canada hit 5.1% in January, the highest level since September 1991, Statistics Canada said Wednesday.

That’s means it is almost certain the Bank of Canada will hike interest rates. The bank’s next review of interest rates is March 2.

Housing, food and gasoline showed the largest price increases, Statistics Canada said.

“Shelter costs rose 6.2% year over year in January 2022, the fastest pace since February 1990,” the agency noted.

Filling a grocery cart cost shoppers 6.5% more in January, with meat and fish prices rising between eight and 13%.

“Higher input prices and shipping costs, because of ongoing supply chain disruptions, have contributed to the increase in the price of food,” Statistics Canada explained.

The agency adds unfavorable growing conditions led to higher prices for fresh fruit and bakery products.

And motorists found it more expensive to fill up their vehicles. Gasoline prices rose 31.7% in January.
(Eagle News Service)