The latest issue of the Consumer Price Index released by Statistics Canada indicates that the year-over-year inflation rate for the month of March 2011 stood at 3.3%. That change represents the largest year-over-year increase since September of 2008.
Canadian consumers will not be surprised to find that the largest single contributor to the jump in inflation was energy prices (up 12.8% on a year-over-year basis) and, especially, the price of gasoline, which rose by 18.9%, again on a year-over-year basis. Fuel prices, excluding gasoline, increased by 31.3%. When energy prices are excluded from the index, the year-over-year inflation rate drops to 2.4%.
More analysis of the March figures, by province and by economic sector, can be found on the Statistics Canada Web site at http://www.statcan.gc.ca/subjects-sujets/cpi-ipc/cpi-ipc-eng.htm.