The data published by Statistics Canada today revealed that inflation, as measured by the Consumer Price Index (CPI), rose 1.9% on a yearly basis in March to match the analysts' estimates. On a monthly basis, the CPI came in at 0.7% as expected.
Key takeaways from the press release
- Energy prices decreased 1.2% in March, following a larger decline in February (-5.7%), as downward pressure from gasoline prices eased and prices for natural gas and fuel oil grew.
- Excluding energy, the CPI rose 2.2% year over year.
- On a seasonally adjusted monthly basis, the CPI rose 0.3% in March, following a 0.4% increase in February.
Meanwhile, the Bank of Canada's core CPI, which strips volatile food and energy prices, came in at to 0.3% and 1.6% in March on a monthly and yearly basis, respectively, and both figures were slightly above the market expectations.
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