The core inflation rate of Canada managed to rise beyond the expectations pegged by the Bank of Canada to 2.1%, from the previously recorded figure of 2%, but even so, the central bank will most probably not move up its target date for hiking interest rates, as has been speculated by a top-notch economist.

Deputy Chief Economist, BMO Capital Markets, Douglas Porter said, "This marks a number of months in a row where core interest rates were running faster than the bank expected. Underlying inflation has been a bit higher than the bank expected and combined with a lot of the strong data we have seen recently in Canada just ramps up the odds of the bank of Canada starting to hike interest rates in the second half of the year (as expected)".

The robust economic data has ended up resulting in the American Dollar approaching a value of 99 cents over the week, and the country's economy might just be hit partially if retail sales figures also end up going beyond expectation, Mr. Porter shared.

The official report revealed that consumer prices across Ontario were marginally above the national average over the past 12 months, mainly on the back of higher gasoline prices, passenger vehicle insurance and the buying of cars.

The official Statistics Canada report, released on Friday, showed a 1.8% rise in consumer prices in Ontario, compared to 1.6% hike all across the country for a year up-to February 2010.