Energy prices up 21.2% in Canada last month, pushing inflation up

Energy prices jumped by 21.2% in Canada last month versus February, while consumer prices rose by 0.9%, Statistics Canada announced on Monday.

“The largest price increase for gasoline on record, due to the supply shock resulting from the conflict in the Middle East,” a press release read on Monday.

The annual inflation rate rose to 2.4% in the country last month, from 1.8% in February.

Energy prices increased by 3.9% on a yearly basis after decreasing by 9.3% in February.

“Excluding gasoline, the CPI rose at a slower pace year over year in March (+2.2%) compared with February (+2.4%),” it added.