Canada's yearly inflation rate rose to 2.9 percent in March due to higher gasoline prices.

Statistics Canada reported that Canada's annual inflation rate increased to 2.9 percent in March compared to the previous year, up slightly from a 2.8 percent rise in February. This uptick was driven by higher gasoline prices, which rose by 4.5 percent year-over-year due to a global increase in oil prices. Shelter costs also played a significant role in overall inflation, with a 6.5 percent increase compared to the previous year. Mortgage interest expenses surged by 25.4 percent year-over-year, and rent prices increased by 8.5 percent.

Excluding gasoline, the annual inflation rate for March was 2.8 percent, slightly lower than February's rate of 2.9 percent. This data reflects the impact of rising prices on various sectors of the economy, with notable increases in housing-related expenses contributing to overall inflation.