The Consumer Price Index (CPI) rose 2.8% year over year last month in Canada, representing a decline in the annual pace of inflation that had been measured at 2.9% in January.
Rent prices and the mortgage interest cost index continued to put upward pressure on the overall CPI.
Statistics Canada explains that price indexes for cell phone services, food purchased from stores and Internet access services were important factors in the slowdown in growth.
On the other hand, the year-over-year increase in gasoline prices, which rose 0.8% in February after falling 4% in January, offset the slowdown.
Price growth for food purchased from stores continued to slow year-over-year in February, reaching 2.4% compared to 3.4% in January. Prices of fresh fruit, processed meat and fish showed a decline.
Statistics Canada observed that in February, for the first time since October 2021, the increase in prices in grocery stores was less pronounced than that of overall inflation.
The Consumer Price Index increased by 3.3% year over year in February in Quebec, by 2.8% in Nova Scotia, by 2.1% in New Brunswick and by 1 .5% in Prince Edward Island.
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