Annual Inflation Rate Hit 5.7% in February Amid Broad-Based Price Increases

In this double exposure photograph, a sign displays the price of a litre of regular grade gasoline as people fuel up their vehicles at an Esso gas station, in Vancouver, on March 8, 2022. (The Canadian Press/Darryl Dyck)

Statistics Canada says the annual inflation rate climbed to 5.7 percent in February, its highest level since August 1991 and the second straight month over 5 percent.

Helping to drive the increase in February were higher gasoline prices that were up 32.3 percent compared with February 2021 and 6.9 percent from a month earlier.

Statistics Canada says that excluding gasoline prices, the headline inflation rate would have been 4.7 percent in February.

Grocery store prices were up 7.4 percent for the largest yearly increase since May 2009, pushed higher by rising fuel costs that are being passed on to consumers.

Statistics Canada says shelter costs, which includes prices for homes and rental units, rose at their fastest pace since August 1983.

The rise in the consumer price index compared with a year-over-year gain of 5.1 percent in January.