Produce including fruits and vegetables on display at grocery store. Packaged oranges on display.
Canada's consumer price index cooled to 2.7 per cent in April, down from 2.9 per cent in March, led by a decline in the growth of food prices, Statistics Canada said Tuesday.Canada's consumer price index cooled to 2.7 per cent in April, down from 2.9 per cent in March, led by a decline in the growth of food prices, Statistics Canada said Tuesday. Canada's consumer price index cooled to 2.7 per cent in April, down from 2.
Though food prices still rose in April, they did so at a slower pace of 1.4 per cent compared to 1.9 per cent in March, the data agency said. The cost of meat mostly drove the decline, but other food products that also contributed were non-alcoholic beverages; bakery and cereal products; fruit, fruit preparations and nuts; and fish, seafood and other marine products.
The Bank of Canada's preferred measures of core inflation, which strip volatile sectors like food and energy from the rate, also eased — a happy sign for the central bank, which will make its next interest rate decision on June 5. Jenna Benchetrit is a senior writer with the business content unit at CBC News. She has also covered entertainment and education stories. A Montrealer based in Toronto, Jenna holds a master's degree in journalism from Toronto Metropolitan University. You can reach her at [email protected] weekly look at what’s happening in the worlds of economics, business and finance. Senior business correspondent Peter Armstrong untangles what it means for you, in your inbox Monday mornings.
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