Statistics Canada says contributors to the deceleration included an easing of grocery prices, and the cost of cellular services and internet access services.
Canada’s annual inflation rate slowed again in February, rising 2.8 per cent following a 2.9 per cent increase in January. Canada’s annual inflation rate unexpectedly slowed to 2.8 per cent in February, bolstering expectations that the Bank of Canada will soon come off the sidelines and begin cutting interest rates.
The Bank of Canada's preferred measures of core inflation also edged down in February, dropping to their lowest levels in more than two years. CPI-median slowed to 3.1 per cent from 3.3 per cent in January, while CPI-trim decreased to 3.2 per cent from 3.3 per cent. The central bank had previously flagged that it needs to seeOn Tuesday, money markets increased their bets for a first 25 basis point rate cut in June to 75 per cent, up from 50 per cent before the inflation data release.
Grocery price growth eased to 2.4 per cent in February, down from 3.4 per cent in January. Statistics Canada says the slower price growth was broad-based, and marked the first month since October 2021 that grocery prices increased at a slower rate than headline inflation.Still, the agency notes that "while price growth for groceries has been slowing, prices continue to increase and remain elevated.
OTTAWA -Canada's annual inflation rate in February unexpectedly cooled to 2.8%, its slowest pace since June, and core inflation measures eased to more-than two-year lows, data showed on Tuesday, raising expectations of a mid-year rate cut. The fresh reading prompted money markets to increase their bets for a first 25 basis point rate cut in June to 75%, from 50% before the inflation data.
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