Canada’s Consumer Price Index (CPI) rose 4.4% year over year in April, following a 4.3% increase in March according to the latest report from Statistics Canada.
This was the first acceleration in headline consumer inflation since June 2022 with the biggest drivers being higher rent prices and mortgage interest costs.
Year over year, prices for groceries rose at a slower rate in April (9.1%) than in March (9.7%), with the slowdown stemming from smaller price increases for fresh vegetables and coffee and tea. Moderating the deceleration were prices for fresh fruit, which increased by 8.3% year over year in April, following a 7.1% gain in March.
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Senior Policy Analyst, Government Relations