Canada’s annual inflation rate cooled in February
OTTAWA — The annual pace of inflation cooled in February as it posted its largest deceleration since April 2020.
Statistics Canada said Tuesday its consumer price index in February was up 5.2 per cent compared with a year earlier.
The reading compared with an annual inflation rate of 5.9 per cent in January and was the lowest annual inflation rate since January 2022 when it was 5.1 per cent.
Statistics Canada noted that the decline was due to a steep monthly increase in prices in February 2022 when the global economy was significantly affected by the Russian invasion of Ukraine.