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- Canada’s annual inflation accelerates slightly less than expected in March
Canada’s annual inflation accelerates slightly less than expected in March
Statistics
Canada reported on Wednesday the country’s consumer price index (CPI) rose 0.5
percent m-o-m in March, the same pace as in the previous month.
On
the y-o-y basis, Canada’s inflation rate surged 2.2 percent last month after
advancing 1.1 percent in February. This was the highest inflation rate since
February 2020.
Economists
had predicted inflation would increase 0.6 percent m-o-m and 2.3 percent y-o-y
in March.
According
to the report, a significant proportion of March’s year-over-year increase was
attributable to a steep decline in prices in March 2020, triggered by the
COVID-19 pandemic.
Compared
with March 2020, prices rose in five of the eight major components, with
transportation (+7.1 percent y-o-y) and shelter (+2.4 percent y-o-y) prices
contributing the most to CPI growth. At the same time, consumers paid less for
clothing and footwear (-5.4 percent y-o-y) and for household operations,
furnishings and equipment (-0.2 percent y-o-y).
Meanwhile, the closely watched the Bank of
Canada's core index rose 1.4 percent y-o-y in March, following a 1.2 percent
y-o-y advance in February.
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