Statistics Canada says the annual pace of inflation cooled as its consumer price index for February rose 5.2 per cent compared with a year ago.
cooled in February as it posted its largest deceleration since April 2020.
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. Meanwhile, energy prices were down 0.6 per cent year over year as gasoline prices fell 4.7 per cent compared with a year ago when prices began to rise due to the Russian invasion of Ukraine. It was the first yearly decline for gasoline prices since January 2021.
It was the first time the central bank kept its key policy rate on hold since it began raising it last year in an effort to cool rising prices.
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