Inflation rose in April, back to

Global Courant 2023-05-16 17:47:35

Company·Updated

Canada’s inflation rate reversed its cooling trend last month, rising to 4.4 percent year on year.

Compared to the annual rate of 4.3 percent in March

Pete Evans · CBC news · Posted: May 16, 2023 8:47 AM EDT | Last updated: 17 minutes agoGasoline prices rose 6.3 percent last month. (Alex Lupul/CBC)

Canada’s inflation rate reversed its cooling trend last month, rising to 4.4 percent year on year.

Economists on Tuesday had expected new data released by Statistics Canada to show that the cost of living had declined from March’s pace of 4.3 percent to about 4.1 percent.

Instead, it went up again as the cost of things like gas, rent and mortgages rose during the month.

It’s the first cost-of-living acceleration since June 2022, when Canada’s inflation hit a more than 40-year high of 8.1 percent.

ABOUT THE AUTHOR

Pete Evans is the senior business writer for CBCNews.ca. Prior to joining the CBC, his work appeared in Globe & Mail, the Financial Post, the Toronto Star and Canadian Business Magazine. Twitter: @p_evans Email: [email protected]

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