Annual inflation rate in April rises to highest in nearly a decade
The effects of the COVID-19 pandemic are intruding into inflation calculations as Statistics Canada says the cost of living rose to its highest level in nearly a decade in April. Economists blame a record increase in the price of gasoline last month, compared with last April when gas prices plunged due to the pandemic, saying the jump pushed Canada's inflation rate up to 3.4 per cent from its 2.2 per cent setting in March. When compared with last April, gas prices soared 62.5 per cent, but number crunchers say if gas were removed from the equation, the national inflation rate would be 1.9 per...
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