Statistics Canada released consumer price inflation data on Friday. Canadian consumer price inflation rose 0.3% in April, in line with expectations, after a 0.6% gain in March.
The monthly rise was mainly driven by an increase in prices for transportation, which were up 2.0% in April.
On a yearly basis, the consumer price index climbed to 1.7% in April from 1.3% in March, in line with expectations.
The consumer price index was mainly driven by higher food and shelter prices. Food prices climbed 3.2% year-on-year in April, while shelter prices increased 1.4%.
The index for recreation, education and reading climbed by 2.4% in April from the same month a year earlier, the gasoline prices dropped 5.8%, while clothing and footwear prices declined 0.2%.
The Canadian core consumer price index, which excludes some volatile goods, increased 0.2% in April, after a 0.3% rise in March.
On a yearly basis, core consumer price index in Canada climbed to 2.2% in April from 2.1% in March. Analysts had expected the index to drop to 2.0%.
The Bank of Canada’s inflation target is 2.0%.
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