OTTAWA — The annual rate of inflation accelerated sharply to 2.6 per cent in February as the federal government’s temporary tax break came to an end mid-month, Statistics Canada said Tuesday. That marks a sizeable jump from the 1.9 per cent increase seen in January, when Canadians saw GST and HST taken off a variety […]
Canada's annual inflation rate sharply increased to 2.6% in February due to the end of a federal tax break, with economists expecting further increases in March. The tax break's removal impacted prices for dining out, alcoholic beverages, children’s clothing, and toys. Gas prices had a slight increase, but travel to the U.S. increased. Core inflation is also rising. The Bank of Canada's interest rate decision is approaching amid these inflationary pressures.
