Canada's Inflation Rate Hits 3%

Canada's inflation rate has gone up to 3%.

That is the highest level since 2011.

The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year.

One of the driving factors for the hike are gasoline prices which are up a remarkable 25%.

The annual inflation rate for Newfoundland and Labrador is 2.7%.