Annual inflation cools to 2.2%; Core measure above 2% for first time in 6 years
OTTAWA — Higher pump prices helped the annual inflation rate stay in the upper half of the central bank’s target range last month — but even without pricier gas, underlying inflation managed to reach its strongest pace in six years, Statistics Canada said Friday.
Overall, the annual inflation rate cooled slightly in April to 2.2 per cent to remain just above the two per cent midpoint of the Bank of Canada’s range. The latest number was a touch below the March figure of 2.3 per cent, which was inflation’s highest year-over-year reading since 2014.
Beyond gas, pricier air transportation and restaurants applied upward pressure on inflation in April. The biggest downward forces came from the cheaper costs of digital equipment, travel tours and natural gas.
The underlying or core prices, meanwhile, continued their steady, gradual climb last month.