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.
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Inflation Rises to 2.8 Percent in April as Gas Prices Remain Elevated: StatCan
Canada’s annual inflation rate rose to 2.8 percent in April as higher energy prices linked to the Iran war trickled down through the economy, according to a new Statistics Canada report. The May 19 report said higher gasoline prices “drove the acceleration” in the Consumer Price Index (CPI), which stood at 2.4 percent in March and 1.8 percent in February. StatCan said “supply uncertainty” tied to tensions in the Middle East and disruptions in th…
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