Canada’s inflation rate increased slightly last month but the cost of living in Newfoundland and Labrador soared.
Nationally, inflation is up by a tenth of a percentage point to 2.9 but in NL, it went to 3.1 in March from 2.0 in February. Only three provinces had a higher inflation rate in March than Newfoundland and Labrador.
Statistics Canada says the higher cost of gasoline was the main contributor across the country. Shelter prices continue to contribute to overall inflation as they were by 6.5 per cent compared with a year ago.
Mortgage interest costs in March rose 25.4 per cent on a year-over-year basis, while rent prices in March increased by 8.5 compared with a year earlier.