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Statistics Canada launched its February client value index report Tuesday, which reveals value development softened for a second consecutive month.
Economists had been widely expecting Canada’s inflation rate to have risen above January’s 2.9%, partially because of greater gasoline costs.
The federal company says costs for wi-fi companies had been down 26.5% and web costs fell 13.2% from a 12 months in the past.
Costs for meals bought at shops in February had been up 2.4% from a 12 months in the past, marking the primary time costs grocery prices rose extra slowly than total inflation since October 2021.
Nevertheless, that’s little reduction to Canadians who proceed to pay considerably higher prices for meals than they did just a few years in the past. The federal company says grocery costs elevated 21.6% between February 2021 and February 2024.
In the meantime, housing prices proceed to place upward strain on inflation, with mortgage curiosity prices up 26.3% and rent up 8.2% yearly.
Nonetheless, Tuesday’s report provides excellent news to the Bank of Canada, which is searching for extra proof that inflation is sustainably headed again to the nation’s 2% goal earlier than it strikes to decrease rates of interest.
The central financial institution’s most well-liked core measures of inflation, which strip out volatility in costs, additionally fell final month.
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