Canadian Consumer Price Index Declines Month-Over-Month in April

On Tuesday, Statistics Canada (StatCan) released its Consumer Price Index (CPI) report for April. Year-over-year, the CPI rose 2.7%, down from a 2.9% gain in March. Broad-based deceleration in headline CPI was led by declines in food prices, cost of services, and durable goods.

The decline in the CPI was offset by gasoline prices, which increased at a faster pace in April—up 6.1% compared to a 4.5% increase in March. Excluding gasoline, the all-item CPI slowed year-over-year to 2.5%—down from the 2.8% gain in March.

On a monthly basis, the CPI increased 0.5%, also driven mainly by higher prices for gasoline. On a seasonally adjusted monthly basis, the CPI rose 0.2% in April.