OTTAWA — Higher gasoline prices helped the annual inflation rate tick higher in March, but core inflation continued to cool for the month, raising the...
OTTAWA — Higher gasoline prices helped the annual inflation rate tick higher in March, but core inflation continued to cool for the month, raising the chances of an interest rate cut by the Bank of Canada in June.
Excluding gasoline, Statistics Canada said the overall annual inflation rate for March was 2.8 per cent, down from 2.9 per cent in February. The Bank of Canada’s three core measures for inflation for March also all moved lower compared with February.Leslie Preston, a managing director and senior economist at TD Bank, said she continues to expect the Bank of Canada to cut interest rates in July, but added that the latest data does raise the chances it might move in June.
The Bank of Canada has said that it is looking for evidence that the recent easing in underlying inflation will be sustained. "The bank will probably want to see the same again in the April CPI data, which will be released before the bank’s next meeting, although a modest pick-up in the average monthly gain seems unlikely to prevent a cut in June," Cross wrote in a report.
Mortgage interest costs in March rose 25.4 per cent on a year-over-year basis, while rent prices increased 8.5 per cent. OTTAWA — Manufacturing sales rose 0.7 per cent to $71.6 billion in February, helped by higher sales of petroleum and coal, Statistics Canada said Monday. The agency said manufacturing sales were up in 13 of the 21 subsectors it tracks as petroleum and coal sales rose 4.3 per cent to $8.7 billion, helped by higher prices and to a lesser extent, volumes. Sales of electrical equipment, appliance and component products rose 12.6 per cent to a record $1.5 billion in February.
Statistics Canada Gasoline Prices Core Inflation Oil Prices Inflation Rate
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