Canada Inflation Rate Rises 2% In April

18 May 2012 09:30am - Victoria Wedderburn

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Canada Inflation Rate Rises 2% In April

Inflation in Canada came in slightly higher that was expected mainly by the increase in gasoline prices. Statistics Canada said on an annual basis the overall inflation rate rose to 2% in April up from 1.9% the previous month. The core rate, which excludes volatile items, rose to 2.1% from 1.9%. Gasoline prices had been rising, said the agency, pushing April’s gasoline index to its highest level since July 2008, but that on a year-to-year basis, the increase was the smallest since September 2010. On a monthly tracking, consumer prices rose 0.4% in April from March as the cost of gasoline increased by 3.2% in a month. It was the fourth consecutive time that prices have risen by the same amount on a monthly basis. Regionally speaking, inflation was highest in Newfoundland at 3% and lowest in Alberta, where the annual rate dipped to 0.8 per cent on falling costs for electricity and natural gas.

Doug Porter, chief economist at BMO Capital Markets said, “From a strictly domestic standpoint, I think it does advance the case for the bank raising rates.” However, he said that the crisis in Europe is an important warning, “Having said that, the bank also has to, of course, seal with the reality of a further flare-up in the European situation and I think that’s going to overwhelm domestic considerations.”

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Related Links:
• Statistics Canada
Consumer Price Index, April 2012
• BMO Capital Markets
Official website
• Latest News
Regular News Updates

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