A new report released today reveals that Canada’s inflation rate has surprisingly jumped to 2.6%. According to the data, the increase in February was driven by the end of a sales tax break, which pushed the price of household goods higher.
Today’s report marks the first time in seven months that the nation’s inflation has surpassed the 2% mark, as Canada began the year with a rate of 1.9%.
In February, restaurant food prices, along with transportation and housing, were among the highest items to increase. With additional tariffs anticipated for Canada in April, prices are expected to keep rising.
Canada’s new PM, Mark Carney, a former banker, aims to steer Canada toward forming economic alliances with Europe while Canada’s relations with the United States seem to be unraveling.
Today, Carney broke with tradition by visiting Europe rather than the U.S. for his first foreign trip as leader, noting his readiness to talk with Washington about their “overall commercial and security relationship.”
“When the United States is ready to have that conversation, we’re more than ready to sit down,” Carney said.
By CEO NA Editorial Staff
