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5/18, 3:17 PM (Source: TeleTrader)
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Canada's inflation rises to 6.8% in April

The annual inflation rate in Canada further increased in April compared to the previous month to reach 6.8% and surpass market estimates, according to a report published by Statistics Canada on Wednesday. Consumer prices gained 0.6% on a monthly basis.

"Russia's invasion of Ukraine in late February continued to affect energy, commodity and, most notably, food prices," the report noted. Food prices surged 9.7%, making the largest increase since 1981, while shelter costs soared 7.4% to mark the highest growth since 1983 as the prices of fuel oil and natural gas skyrocketed.

Gasoline prices expanded by over 36% in April compared to the same month a year ago, however, they were slightly lower versus March due to lower global demand expectations.

Baha Breaking News (BBN) / ND