Breaking: Canada’s annual inflation rate falls to 4.3% in March
Statistics Canada says Canada’s annual rate of inflation fell for the fifth straight month in March, as gasoline prices dropped from a year ago.
The Consumer Price Index — a broad-based measure of inflation — was 4.3 per cent higher in March than it was a year ago. In February,The fall was driven largely by a drop in the price of gasoline from a year ago. Prices at the pump soared last March in the wake of Russia’s invasion of Ukraine. Grocery inflation slowed down a bit, but continues to be significantly higher than the “headline” rate: In March, groceries were 9.7 per cent higher than a year ago, down from 10.6 per cent in February.Last week,Last March, the bank began an aggressive rate-hike campaign in a bid to drive inflation down,The theory is that by making it more expensive to borrow money, consumers — and businesses — will spend less, which will drive prices down.
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