Canadian Inflation Rate Falls To 1.9%

20 April 2012 10:30am - Victoria Wedderburn

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Canadian Inflation Rate Falls To 1.9%

Statistics Canada has said the annual inflation rate fell to 1.9% in March from 2.6% the month before. This figure, an 18 month low, is better than expected as analysts had predicted a rate of 2%. Canada’s inflation rate fell as food and energy prices rose at a slower pace. The pace of food inflation slowed to almost 2.2% in March from February’s 4.1% and fresh vegetable costs dropped 15.8%, the most since April 2008. Statistics Canada also said today its index of leading economic indicators climbed 0.4% in March, the ninth consecutive gain, led by a 0.6% increase in the housing component.

Mark Carney, Bank of Canada Governor, said that inflation will slow after the first quarter then remain near 2% through 2014. The central bank raised its inflation outlook from its January forecast because of a gain in oil prices and reduced slack in the economy. Speaking of the report from Statistics Canada, Paul Ferley, assistant chief economist at Royal Bank of Canada said it is, “generally consistent with the Bank of Canada’s forecasts that they released this week.” He added, “The timing of any return to tightening mode will be more determined by pace of growth in the economy.”

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Related Links:
• Statistics Canada
Consumer Price Index, March 2012
• Bank of Canada
Canada's Central Bank
• Latest News
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