Inflation in Canada was already at the highest in over 30 years in January, but Russia’s February invasion of Ukraine is now putting additional pressure on prices, Statistics Canada told a House committee on Friday. “Looking ahead, the CPI [consumer price index] is likely to remain elevated. Fears surrounding the global oil supplies sent oil prices soaring in early March when Russia’s invasion of Ukraine escalated,” said Greg Peterson, assistant chief statistician at StatsCan, as he testified before the Standing Committee on Finance. “We’re expecting higher gas prices to have a significant effect on March’s CPI unless the situation changes quickly.” Peterson also said the crisis could affect other sectors, among which are appliances and electronics that rely on key materials. He pointed to Ukraine being the largest producer of neon gas, which goes into the production of computer chips. Ukraine’s role as a major breadbasket is more well-known. The …