Inflation rate up 3.3%

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Real Estate Agent with Kingsway Real Estate., Brokerage

Canadian price inflation accelerated in march at the fastest pace in over 2 years, pushed especially by increases in gas and food prices.

Statistics Canada announced today that the country's annual inflation rate surged by 1.1 points to 3.3% last month, the first time the rate has topped 3% since september 2008, on the eve of the recession.

But few expected the leap would be so high. Only last week, the bank of canada predicted inflation would reach 3% sometime this spring - that target has now been already surpassed, and many be once again in april if the price of oil does not moderate.

The bank has a mandate to keep inflation within a 1%- 3% range, and as close to 2% as possible.

The March report, if it is followed up by outsized gains in the next two months, could convince the bank that it needs to start tightening monetary policy soon, however.

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Mandeep Bhathal

Kingsway Real Estate., Brokerage
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