“Oil prices peaked in March.
Meanwhile, Russia’s invasion of Ukraine was also blamed for jumps in pasta prices and cereal, the latter rising at the fastest annual pace since June 1990.
Rising interest rates are expected to encourage saving and curb borrowing and spending, helping cool Canada’s housing market and the cost of goods.
The average of the three core measures of inflation, which are considered better gauges of underlying price pressures and closely tracked by the Bank of Canada, was 3.77 per cent in March.
A man looks at beef in the meat department at Lambert’s Rainbow Market, on June 15, 2021 in Westwood, Mass.