Statistics Canada says the annual rate of inflation rose to 4.4 per cent in April, up from 4.3 per cent a month earlier
The CPI numbers, combined with a tight labour market, will test the Bank of Canada and whether it thinks interest rates are sufficiently high enough to restrain inflation.
Gasoline prices rose 6.3 per cent in April, which Statscan pinned on an OPEC+ decision to reduce oil output, thereby raising prices. Crude prices have tumbled since mid-April, which should help lower the headline inflation rate in May, provided there isn’t a late acceleration. On the other hand, there is progress at supermarkets. Prices for groceries rose 9.1 per cent in April on a 12-month basis, down from 9.7 per cent in March. Grocery inflation seems to have peaked at more than 11 per cent in recent months. Cost increases at earlier stages of the supply chain – for instance, the prices received by farmers – have slowed dramatically, which should influence the final prices that shoppers see.
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