Surge in Canada's Inflation Rate

In a recent report released by Statistics Canada, the annual inflation rate in Canada experienced a notable increase, climbing from 1.9% in January to 2.6% in February. This significant rise was primarily driven by the conclusion of the goods and services tax (GST)/harmonized sales tax (HST) break midway through the month.

Core Inflation Also on the Rise

Excluding energy and food, the yearly core inflation rate saw an uptick to 2.7% from 2.1% in January. On a monthly basis, core inflation was recorded at 0.7%, indicating a steady increase in prices across various sectors.