The annual rate of inflation cooled to 2.8 per cent in February despite rising gas prices, thanks in part to cooling at the grocery store, StatCan said.
Overall inflation was 2.8 per cent year-over-year in February, down from 2.9 per cent in January, the agency said. The easing surprised most economists, who had expected an uptick in inflation for the month.
The cooling inflation was “broad-based” across aisles at the grocery store, according to the agency. Prices for fresh fruit, processed meat and fish declined year-over-year in February, while other components including bakery and dairy products saw prices grow but at a slower pace than January.StatCan also noted however that last month’s food inflation figures were helped by base-year comparisons to February 2023, when supply constraints and inclement weather drove prices sharply higher.
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