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.