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- Canada’s annual inflation accelerates more than expected in April
Canada’s annual inflation accelerates more than expected in April
Statistics
Canada reported on Wednesday the country’s consumer price index (CPI) rose 0.5
percent m-o-m in April, the same pace as in the previous month.
On
the y-o-y basis, Canada’s inflation rate surged 3.4 percent last month after climbing
2.2 percent in March. This was the highest inflation rate since May 2011.
Economists
had predicted inflation would increase 0.4 percent m-o-m and 3.2 percent y-o-y
in April.
According
to the report, a significant proportion of April’s year-over-year increase was
attributable to a sharp drop in prices in April 2020, triggered by the COVID-19
pandemic.
Compared
with April 2020, prices rose in all eight major components, with transportation
(+9.4 percent y-o-y) and shelter (+3.2 percent y-o-y) prices contributing the
most to CPI growth.
Meanwhile, the closely watched the Bank of
Canada's core index jumped 2.3 percent y-o-y in April, following a 1.4 percent
y-o-y advance in March.
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