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New Canada Inflation Data Indicates Increase Of 4.4%

https://immigrationnewscanada.ca/wp-content/uploads/2023/05/new-canada-inflation-data-may-2023.jpg Last Updated On 16 May 2023, 12:02 PM EDT (Toronto Time)
The new Canada inflation data released today suggests that Consumer Price Index (CPI) increased 4.4% year on year, following a 4.3% increase in March.

The increase in headline consumer inflation is the first time since June of 2022.

Higher rents and mortgage interest expenses contributed the most to the all-items CPI increase in April 2023, year on year.

The CPI rose 0.7% month on month in April, following a 0.5% increase in March. Gasoline prices (+6.3%) contributed the most to the overall month-over-month change.

Gasoline prices increased by 6.3% in April compared to March, the highest monthly rise since October 2022 and the largest contributor to the headline CPI acceleration.

However, gas prices in April 2023 were 7.7% lower than in April 2022.
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Grocery prices climbed at a slower rate in April (+9.1%) than in March (+9.7%), with the slowdown owing to smaller price increases for fresh vegetables and coffee and tea.

Fresh vegetable price rises decreased year on year in April (+8.8%) compared to March (+10.8%), mostly due to decreasing lettuce prices (-3.3%), which had declined from record high in December 2022.

Similarly, coffee and tea prices rose 6.4% year on year in April 2023, compared to 11.1% in March.

Fresh fruit prices grew by 8.3% year on year in April, following a 7.1% increase in March, slowing the decline. The rise was driven by greater growth in orange prices (+12.0%).

In six provinces, prices climbed at a quicker rate in April compared to March. Alberta saw the fastest price rise, owing in part to increasing power rates.

Province-Wise New Inflation Data

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Major Items New Canada Inflation Data
What is inflation?
Inflation is the rate at which prices rise over a certain time period. Inflation is frequently assessed in broad terms, such as the overall rise in prices or the growth in the cost of living in a country.
What is the inflation rate in Canada now?
4.4% is the Canada inflation rate as of April 2023 which increased from 4.3% in March 2023.
Source: Statistics Canada

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