Canada's annual inflation rate jumps to its highest in nearly 3 years

Canada's annual inflation rate jumps to its highest in nearly 3 years : Canada's consumer price index rose to over 3 percent for the first time in nearly three years as a result of increasing gas and food prices, said a statistics reporting agency Wednesday. Statistics Canada reported that the country's annual inflation rate jumped to 3.1 percent in June from 2.2 percent the previous month, the biggest one-month leap since September 2005. From May, prices were 0.7 percent higher. As was the case in 2005 when hurricanes Katrina and Rita caused a spike in oil prices, energy costs fueled inflation in June. The cost of filling up at gasoline stations rose by 26.9 percent from a year earlier, and by 5.8 percent from May. Today in Business with Reuters As well, fuel oil and other fuels rose 49.3 percent, the same pace as in May. As... [read full story]