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Inflation rate now 5.6%: Statistics Canada

3/16/2022

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​Canada's Consumer Price Index climbed to 5.6% February, according to the latest figures released today by Statistics Canada. This follows on the heels of a 5.1% increase in January. Prior to 2022, the largest gain was 30 years ago at over 6%.
 
Inflation has been rising for months due to challenges with global supply chains. Last month's invasion of Ukraine has amplified concerns over the supply of fuel and resources in many parts of the world. Inflation is higher than it has been in Canada since 1991 with food, shelter and transportation at the forefront of the increases.
 
However, experts say Canada's economy remains solid and will be able to weather the storm. There is speculation that the Bank of Canada will raise its interest rates by half a point in April to cool demand. The last increase was in March raising it a quarter point to .5%.
 
"Despite rising inflation and intensifying geopolitical risks, domestic economic data is expected to look firm," states a report issued by RBC Economics.
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  • Membership
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    • Job Board
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Chamber Local
    • 1863 Impact Award
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
  • Events
    • Signature Events >
      • Annual Auction
      • Business Awards
      • Business Hall of Fame
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos 2023
    • Sponsorship
  • News & Advocacy
    • Weekly BizNews >
      • BizNews Articles
    • Advocacy / Wins for Business >
      • Advocacy Wins
      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
    • Non-market housing
    • Find and keep workers
    • Business Matters Magazine
    • COVID-19
  • The Chamber 1863
    • 1863-Indigenous
    • 1863-Early Chamber
    • 1863-History Events
    • 1863-Booms and Busts
    • 1863-Members & Communities
    • 1863-Women, people and organizations
    • 1863-Committees
    • 1863-Chairs and Chair Businesses
  • About Us
    • Emerge >
      • Emerge Events
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      • Governors
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      • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
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