Ottawa: Canada’s Consumer Price Index (CPI) rose 5.2 per cent year over year in February, following a 5.9 per cent increase in January, the largest deceleration in the headline CPI since April 2020, the national statistical agency said.
Statistics Canada said on Tuesday that 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, reports Xinhua news agency.
Excluding food and energy, prices were up 4.8 per cent year over year in February 2023, following a 4.9 per cent gain in January, while the all-items excluding mortgage interest cost rose 4.7 per cent, after increasing 5.4 per cent in January, it said.
According to Statistics Canada, on a monthly basis, the CPI was up 0.4 per cent in February, following a 0.5 per cent 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 per cent.
While inflation has slowed in recent months, having increased 1.2 per cent compared with six months ago, prices remain elevated.
Compared with 18 months ago, for example, inflation has increased 8.3 per cent, Statistics Canada added.