Canadian inflation rises more than expected to hit 31-year high in March

The data showed Canada's annual inflation rate hit 6.7% in March, the 12th consecutive month above the central bank's 1-3% target and just below the 6.9% it hit in January 1991. The overall measure of CPI, which the Bank of Canada says is the best measure of the economy's performance, rose to 2.8% in March from 2.7% in February, and Central Bank Governor Tev McClem said last week that the central bank will continue to act aggressively if necessary.

The Canadian dollar rose against the US dollar to a three-week high of $1.2503, Canadian gasoline prices rose 11.8% in March and on an annualized basis, gasoline prices rose 39.8% in March, and durable goods rose at the fastest rate in a year