Inflation spikes to 3.5 percent
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Economic forecasts show that this week's March Consumer Price Index could show prices climbing at their fastest pace in nearly two years.
US economic growth rebounded less than expected in the first quarter as consumer spending cooled, while inflation surged in March with fallout from the Middle East war beginning to bite,
The annual rate of inflation accelerated to 2.4 per cent in March as the war in Iran sent fuel costs soaring, Statistics Canada said Monday.
Inflation surged in Canada last month thanks to a record jump in gasoline prices, though cost pressures from the conflict in the Middle East so far appear contained and may ensure the central bank continues to leave interest rates steady.
The inflation rate inched up to 3.1% in March, from 3% in February, and food price inflation marginally dropped, to 3.6%.
5:38 a.m. The annual rate of inflation accelerated to 2.4 per cent in March as the war in Iran sent fuel costs soaring, Statistics Canada said Monday.