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Canada Sees Rise in April CPI
(MENAFN) Canada's annual inflation rate accelerated sharply in April, driven by a surge in energy costs that pushed the headline figure to its highest reading in recent months, Statistics Canada reported Tuesday.
The national Consumer Price Index (CPI) climbed 2.8 percent on a year-over-year basis in April, marking a notable pickup from the 2.4 percent increase recorded in March, the federal statistical agency said.
Soaring energy prices — gasoline in particular — were the dominant force behind the monthly acceleration, Statistics Canada noted. Stripping out fuel costs, however, underlying inflation actually cooled, with the ex-gasoline CPI easing to 2.0 percent in April from 2.2 percent the month prior.
Partially countering the upward pressure were a year-over-year drop in travel tour prices and a deceleration in rent inflation, both of which helped temper broader price gains across the all-items index.
On a monthly basis, the CPI edged up 0.4 percent in April. After seasonal adjustments, the index posted a more modest gain of 0.3 percent over the same period, Statistics Canada said.
The national Consumer Price Index (CPI) climbed 2.8 percent on a year-over-year basis in April, marking a notable pickup from the 2.4 percent increase recorded in March, the federal statistical agency said.
Soaring energy prices — gasoline in particular — were the dominant force behind the monthly acceleration, Statistics Canada noted. Stripping out fuel costs, however, underlying inflation actually cooled, with the ex-gasoline CPI easing to 2.0 percent in April from 2.2 percent the month prior.
Partially countering the upward pressure were a year-over-year drop in travel tour prices and a deceleration in rent inflation, both of which helped temper broader price gains across the all-items index.
On a monthly basis, the CPI edged up 0.4 percent in April. After seasonal adjustments, the index posted a more modest gain of 0.3 percent over the same period, Statistics Canada said.
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