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Consumer Price Index, February 2024
The Consumer Price Index (CPI) rose 2.8% on a year-over-year basis in February, down from a 2.9% gain in January. Notable contributors to the deceleration included the indexes for cellular services, food purchased from stores, and Internet access services. Offsetting the deceleration was a year-over-year increase in gasoline prices, which rose 0.8% in February, following a 4.0% decline in January. Excluding gasoline, the headline CPI slowed to a 2.9% year-over-year increase in February, down from 3.2% in January. Prices for rent and the mortgage interest cost index continued to apply upward pressure on the headline ... (full story)
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Canada's inflation rate unexpectedly eases to 2.8% in February
Canada's annual inflation rate in February unexpectedly cooled to 2.8%, the slowest pace since June, and core inflation measures eased to more-than two-year lows, data showed on Tuesday, likely boosting expectations of a mid-year rate cut. Analysts polled by Reuters had forecast inflation to accelerate to 3.1% from 2.9% in January. On the month, the consumer price index rose 0.3%, less than a forecast of 0.6% rise. Prices of cellular services, food purchased from stores, and internet access services were the main contributors to the deceleration in inflation in February, Statistics Canada said. Grocery prices ... (full story)