#Canada'sInflationrate, #StatisticsCanada, #DougPorter, #BankofCanada
Ottawa, Apr 20 (IBNS): Canada's Inflation rate, highest since year ending in March 2014, is at 2.3 percent, in part because of higher gasoline prices, media reports said.
Seven of the eight components tracked by the data agency rose in March, Statistics Canada reported today.
Clothing and footwear were exception, which got 0.1 percent cheaper in the previous 12 months.
Gasoline prices were 17.1 percent higher in March than they were a year earlier.
" Pump prices were up 2.9 per cent in the month," Bank of Montreal economist Doug Porter noted after the numbers came out, "and they are on track to rise another five per cent or so in the current month."
The country's overall inflation rate, leaving gasoline out of the numbers, would have been 1.8 percent.
The country's inflation data is scrutinized by the Bank of Canada when it considers interest-rate decisions and inflation rate is now right in the range that the bank targets.
(Reporting by Asha Bajaj)