Canada’s annual inflation drops to 2.8% in February

Canada’s annual consumer inflation fell slightly to 2.8% in February from 2.9% in January, according to Statistics Canada

The country’s statistical authority said Tuesday that Canada’s annual consumer inflation slowed to 2.8% in February from 2.9% in January.

The consumer price index (CPI) was lower than market expectations of 3.1%.

The rate reflects a significant slowdown since the 8.1% figure in June 2022 – its highest level in 39 years.

According to Statistics Canada, the annual deceleration in inflation was mainly because of cellular services, store-purchased food, and internet access services.

“Excluding gasoline, the headline CPI slowed to a 2.9% year-over-year increase in February, down from 3.2% in January. Prices for rent and the mortgage interest cost index continued to apply upward pressure on the headline CPI,” it said in a statement.

The CPI rose 0.3% in February, also lower than market estimates of a 0.6% increase.

“On a seasonally adjusted monthly basis, the CPI rose 0.1% in February,” said the statement.

Source: AA

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