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Global markets: Canadian inflation reaches fresh highs

By Commodity News Service Canada

WINNIPEG, February 24 – The following is a glance at the news moving markets globally.

– The Consumer Price Index (CPI) rose 2.1 per cent on a year-over-year basis in January, following a 1.5 per cent gain in December, Statistics Canada said in a report on Friday.

Excluding gasoline, the CPI was up 1.5 per cent year over year in January, after posting a 1.4 per cent increase in December.

That means the country’s inflation grew at its highest rate in more than two years.

– Crude oil futures declined ahead of the weekend, despite bullish news from OPEC (Organization of the Petroleum Exporting Countries).

OPEC has shown record compliance with its production cap, especially as the United Arab Emirates and Iraq say they will catch up with their targets.

However, high production in the US put a lid on that support.

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