Canada reports its highest inflation in three decades

The figure, higher than the 4.8 percent expected by experts, is a consequence of the impact of the Covid-19 pandemic on supply chains and, therefore, on consumer bills.

The inflationary growth was mainly motivated by the rise in the prices of fuel, food and accommodation.

The cost of food alone rose 6.5 percent in the market case, the fastest pace since the 2009 financial crisis.

Meat, margarine, condiments, spices, vinegar, fresh fruits and breads, as well as beers and wines, were the most affected products, the entity listed.

The forecasts in this regard are not encouraging: the increase in supermarket bills is a trend that has continued in February, while the demonstrations this week blocked important road arteries for the transport of food.

Meanwhile, gasoline prices increased 4.8 percent in January alone, as a result of concerns about oil supplies in response to international geopolitical events.

However, if volatile products such as food or energy were removed from the calculations, the cost of living would still have increased by 4.3 percent, the agency said. Even this indicator would be the highest since 1999.

The costs of maintaining a home also advanced, with an annualized increase of 6.2 percent. Instead, the values ​​of mortgage interest, telephone services and tourist trips fell.

According to economists’ forecasts, inflation will continue to accelerate further in the coming weeks and is unlikely to slow down before April. For that month, the Bank of Canada is expected to increase its reference interest rate.


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