OTTAWA, Mar 5 (NNN-AGENCIES) – Gas prices have hit record-breaking highs in Canadian cities, Natural Resources Canada revealed yesterday.
According to the daily average retail prices for regular gasoline, published by the agency, the price per litre reached 200.1 Canadian cents (1.57 U.S. dollars) in Vancouver, and 201.3 cents (1.58 U.S. dollars) in Labrador City, for the first time in Canadian history. The average price per litre in Canada reached 176.2 cents (1.38 U.S. dollars).
Due to the growth in gas prices, year-over-year consumer price index inflation gain is currently at 5.1 percent, well above Canadian central bank’s target range, which means, more interest rate increases are expected in coming months.– NNN-AGENCIES
