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Inflation slows to 2.7% in April

By Brad Perry May 21, 2024 | 11:54 AM

Canada’s inflation rate slowed to 2.7 per cent in April, down from 2.9 per cent in March.

Statistics Canada said broad-based deceleration was led by food prices, services, and durable goods.

Food prices increased 1.4 per cent on a year-over-year basis in April, compared to 1.9 per cent the month before.

Meat contributed the most to slower price growth, largely due to a base-year effect in prices for fresh or frozen beef as a result of a monthly increase last April.

StatCan noted that prices for food purchased from stores increased 21.4 per cent over the past three years.

On the flip side, the slowdown in overall inflation was moderated by gasoline prices, which rose at a faster pace in April than in March.

Consumers paid 6.1 per cent more at the pump year over year in April, following a 4.5 per cent increase in March, according to StatCan.

Higher costs associated with switching to summer blends, higher oil prices due to supply concerns and an increase in the federal carbon levy all contributed to the increase in prices.

Meanwhile, shelter prices continued to climb at a higher rate than overall inflation. They were up by 6.4 per cent in April, compared to 6.5 per cent in April.

Year over year, prices rose at a slower pace in April compared with March in six provinces, including Newfoundland and Labrador, Nova Scotia, Quebec, Manitoba, Saskatchewan, and Alberta.