Canada’s Consumer Price Index (CPI) grew by 1.7% year-over-year in April, according to figures released just a few moments ago, compared to 2.3% in March, below expectations. The core CPI, which excludes gasoline prices, rose to 2.9% year-over-year from 2.5%.
On a monthly basis, the CPI fell by 0.1% in April after rising by 0.3% in March, matching expectations.
This slowdown in inflation follows a 12.7% year-over-year decline in April, following a 0.3% decline in March due to lower crude oil prices and the removal of the carbon price. Natural gas prices fell by 14.1% in April after rising by 6.4% in March.