OTTAWA—The annual pace of inflation has topped five percent for the first time in more than 30 years. The annual inflation rate rose to 5.1 percent in January compared with a gain for 4.8 percent in December, Statistics Canada reported Wednesday. Driving much of the increase in January were prices for housing, gasoline and groceries. Gasoline prices were up 31.7 percent last month compared with January 2021, with the backdrop of mounting concerns over global oil supplies linked to the threat of Russian military action against Ukraine. Excluding gasoline prices, Statistics Canada says the annual rate of inflation would have been 4.3 percent in January, which the agency notes is the fastest pace it has on record. Prices for groceries increased year-over-year by 6.5 percent for the largest yearly increase since May 2009. The agency notes that prices for beef, chicken and fish all rose faster in January compared with …
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