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“,”heading”:””,”fullWindow”:false,”fullBleed”:false,”showFullBleedOnMobile”:false,”headColor”:””,”type”:”html5mobile”,”textColor”:””,”mobileImageUrl”:””,”bgColor”:””,”imageUrl”:””,”registeredOnly”:false,”linkUrl”:””,”aodaTitle”:”chart”,”internalScroll”:false,”displayStyle”:”small-up”},{“text”:”A consensus of economists surveyed by Bloomberg expected inflation to fall to 5.3 per cent.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”While that’s substantially lower than the 8.1 per cent inflation peaked at last June, it’s still well above the 2 per cent targeted by the Bank of Canada. Some items are still seeing inflation well above the “headline” rate; in February, groceries were 10.6 per cent higher than they were a year ago. Cereal rose by 14.8 per cent, while fruit juice was 15.7 per cent higher, driven by rising prices for oranges caused by crop disease and Hurricane Ian.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”It was the seventh straight month of double-digit food inflation.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”textBreakPoint”,”insertAt”:”contentEndBreakPoint”},{“text”:”In the U.S., the annual rate of inflation fell to 6.0 per cent in February from 6.4 per cent in January, the U.S. Bureau of Labor Statistics announced last Tuesday. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”Josh Rubin is a Toronto-based business reporter. “,”author”:{“janrainUuid”:”2d1f9caf-acb1-4045-88f6-2d46c83d4983″,”author”:”Josh 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It was the seventh straight month of double-digit food inflation.
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Canada’s annual rate of inflation fell in February, driven by lower prices for gasoline and natural gas.
The Consumer Price Index — a broad-based measure of inflation — was 5.2 higher in February than it was a year ago, Statistics Canada announced Tuesday morning. That’s down from 5.9 per cent in January, and was the biggest slowdown since April, 2020.
A substantial slowdown was expected, as a year ago, prices had risen sharply in the wake of Russia’s invasion of Ukraine.
A consensus of economists surveyed by Bloomberg expected inflation to fall to 5.3 per cent.
While that’s substantially lower than the 8.1 per cent inflation peaked at last June, it’s still well above the 2 per cent targeted by the Bank of Canada. Some items are still seeing inflation well above the “headline” rate; in February, groceries were 10.6 per cent higher than they were a year ago. Cereal rose by 14.8 per cent, while fruit juice was 15.7 per cent higher, driven by rising prices for oranges caused by crop disease and Hurricane Ian.
It was the seventh straight month of double-digit food inflation.
In the U.S., the annual rate of inflation fell to 6.0 per cent in February from 6.4 per cent in January, the U.S. Bureau of Labor Statistics announced last Tuesday.
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