Inflation cools in February, falling to 5.2%: Statistics Canada While that's substantially lower
Inflation cools in February, falling to 5.2%: Statistics Canada
While that’s substantially lower than the 8.1 per cent inflation peaked at last June, it’s still well above the 2 per cent targeted by the Bank of Canada.
By Josh RubinBusiness Reporter
Tue., March 21, 2023timer1 min. read
https://www.thestar.com/business/2023/03/21/inflation-cools-in-february-falling-to-52-statistics-canada-says.html
"SNIP.......
Canada’s annual rate of inflation fell in February, driven by lower prices for gasoline and natural gas.
The Consumer Price Index — a broad-based measure of inflation — was 5.2 higher in February than it was a year ago, Statistics Canada announced Tuesday morning. That’s down from 5.9 per cent in January.
A consensus of economists surveyed by Bloomberg expected it to fall to 5.3 per cent.
While that’s substantially lower than the 8.1 per cent inflation peaked at last June, it’s still well above the 2 per cent targeted by the Bank of Canada. Some items are still seeing inflation well above the “headline” rate; in February, groceries were 10.6 per cent higher than they were a year ago.
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( inflation is 6.0% in the USA down from 6.4% in January)