The cost of nearly everything at the grocery store continued to climb higher to push the annual inflation rate up in April.
Statistics Canada said Wednesday that its consumer price index for April rose 6.8 percent compared with a year ago, up from a gain of 6.7 percent for March.
The rate was the highest since January 1991 when the annual rate was 6.9 percent.
“The key takeaway from April’s CPI release is that inflation is spreading much more broadly, and at clear risk of getting firmly entrenched,” Bank of Montreal chief economist Douglas Porter wrote in a brief report.
“Barring a deep dive in oil prices in coming weeks and months, we expect that the worst is yet to come on the headline readings, and that inflation north of six percent will still be with us by the end of this year.”…