Inflation rises to 2.8% in April due to higher gas prices: StatCan
Gasoline prices rose 28.6% from a year earlier, while food inflation eased and rent growth slowed, Statistics Canada said.
- Statistics Canada reported on Tuesday that Canada's annual inflation rate accelerated to 2.8% in April, driven largely by gasoline prices surging 28.6% year-over-year amid Middle East conflict disruptions.
- Beyond the oil shock, StatCan noted that gas stations switched to costlier summer blends and the removal of the consumer carbon price a year earlier skewed the annual comparison higher.
- Falling costs for travel tours and slower rent inflation offset energy-driven hikes, while food inflation eased to 3.5% in April from 4% in March.
- Bank of Canada Governor Tiff Macklem signaled the bank will 'look through' the initial energy-driven spike but will act if price pressures become entrenched before the June 10 decision.
- BMO strategist Benjamin Reitzes said the report 'puts exactly no pressure on them' to hike rates, though analysts warn conflict-related costs may not yet be fully captured in the data.
38 Articles
38 Articles
Inflation ticks up in Canada amid high gas prices
Canadians paid more for gas, clothing, and shoes in April as inflation ticked upwards 0.4 percentage points from March to 2.8 per cent year-over-year.The acceleration in the Consumer Price Index is blamed on a 28.6 per cent year-over-year increase in April, or 5.9 per cent from March.The inflation rate without the price at the pumps is 2 per cent, after March's rate of 2.2 per cent.Overall energy prices rose 19.2 per cent from last year as uncer…
The Toronto Star
CFJC Today KamloopsHere’s a list of April inflation rates for selected Canadian cities
OTTAWA - Canada's annual inflation rate was 2.8 per cent in April, Statistics Canada says. The agency also released rates for major cities, but cautioned that figures may have fluctuated widely because they are based on small statistical samples (previous…
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