Canada's inflation rate now at 30-year high of 5.7%

Canada’s inflation rate rose to a new multi-decade high of 5.7 per cent last month, as the price of everything from gasoline to groceries to shelter rose swiftly.

Statistics Canada reported Wednesday that the inflation rate was the highest since August of 1991. It’s up from January’s level of 5.1 per cent, and even higher than the 5.5. per cent that economists polled by Bloomberg were expecting.

Shelter costs have increased by 6.6 per cent in the past year. That’s the fastest pace of increase since 1983.

More to come.

This story was originally published on  CBC News. To read the rest of this news worthy story, please visit https://www.cbc.ca/news/business/canada-inflation-february-1.6386536?cmp=rss.

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