Canada's CPI rises 5.2 pct in February

By Lin Wei
  • World
  • Wednesday, 22 Mar 2023

OTTAWA, March 21 (Xinhua) -- Canada's Consumer Price Index (CPI) rose 5.2 percent year over year in February, following a 5.9 percent increase in January, the largest deceleration in the headline CPI since April 2020, Statistics Canada said on Tuesday.

The deceleration in February was due to a base-year effect, for the second consecutive month, which is attributable to a steep monthly increase in prices in February 2022, the national statistical agency said.

Excluding food and energy, prices were up 4.8 percent year over year in February 2023, following a 4.9 percent gain in January, while the all-items excluding mortgage interest cost rose 4.7 percent, after increasing 5.4 percent in January, the agency said.

According to the agency, on a monthly basis, the CPI was up 0.4 percent in February, following a 0.5 percent gain in January. Compared with January, Canadians paid more in mortgage interest costs in February, which was partially offset by a decline in energy prices. On a seasonally adjusted monthly basis, the CPI rose 0.1 percent.

While inflation has slowed in recent months, having increased 1.2 percent compared with six months ago, prices remain elevated. Compared with 18 months ago, for example, inflation has increased 8.3 percent, Statistics Canada said.

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