The annual pace of inflation rose slightly last month in Canada, with the Consumer Price Index (CPI) measured by Statistics Canada at 4.4%. It had been 4.3% in March.
It was the first acceleration in headline consumer price inflation in the country since June 2022.
Gasoline prices contributed the most to the acceleration in headline CPI growth last month. Statistics Canada observed that the increase followed an announcement by the Organization of the Petroleum Exporting Countries (OPEC+) of a production cut, which pushed prices higher. The switch to summer blending and higher carbon levies also fueled price increases.
Year over year, prices in grocery stores rose 9.1% in April, at a slower pace than in March, by 9.7%.
Shelter costs rose 4.9% year over year in April, following a 5.4% increase in March. Canadians continued to pay more for the cost of mortgage interest in April, up 28.5% from April 2022, driven by an increase in the number of mortgages obtained or renewed at rates of higher interest.
In April, the Consumer Price Index was 4.8% in Quebec, 4.5% in Nova Scotia, 4.3% in New Brunswick, 4.2% in Ontario and 3.7% in Prince Edward Island.