Inflation rises to 2.8% in April driven by soaring gas prices
Inflation in Canada rose to 2.8% in April, primarily due to a significant increase in gas prices. The annual rate was influenced by the ongoing conflict in the Middle East, which disrupted oil shipments and led to a 28.6% year-over-year rise in gasoline costs. Other factors, such as a decrease in food inflation and a slowdown in rent inflation, helped to mitigate the overall impact of rising energy prices.
- ▪Statistics Canada reported that inflation reached 2.8% in April, up from 2.4% in March.
- ▪The cost of gasoline increased by 28.6% year-over-year due to disruptions in global oil shipments.
- ▪Food inflation decreased to 3.5% in April, down from 4% in March, as prices for certain grocery items slowed.
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Open this photo in gallery:StatCan says the cost of gasoline was 28.6 per cent higher year-over-year in April as conflict in the Middle East disrupted global oil shipments.Christinne Muschi/The Canadian PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountStatistics Canada says higher gas prices mainly driven by the war in Iran pushed the annual rate of inflation up to 2.8 per cent in April.A Reuters poll of economists had expected inflation to top 3 per cent in the month, compared with 2.4 per cent in March.Statscan says the cost of gasoline was 28.6 per cent higher year-over-year in April as conflict in the Middle East disrupted global oil shipments, sending costs soaring at the gas pumps.But that wasn’t the only factor influencing the April inflation…
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