Statistics Canada said Tuesday the annual pace of inflation rose in April for the first time since it peaked in June last year.
A Statistics Canada sign is pictured in Ottawa on Wednesday, July 3, 2019.rose in April for the first time since it peaked in June last year.
“While the first big leg down in inflation was quick and relatively easy, this next stage is, not surprisingly, proving to be quite a bit tougher,” BMO senior economist Robert Kavcic wrote in a report. Statistics Canada said the first tick higher in the annual rate since it peaked at 8.1 per cent in June 2022 was driven by higher mortgage interest costs which were up 28.5 per cent compared with a year ago due to higher interest rates. A 6.1 per cent increase in rent prices also helped push the overall rate up.
Prices for fresh vegetables in April were up 8.8 per cent on a year-over-year basis compared with a 10.8 per cent gain in March, while coffee and tea prices increased 6.4 per cent year-over-year compared with 11.1 per cent in March.
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