Statistics Canada is reporting that Canada’s inflation rate has tumbled to a near 5-year low of 0.9% in March as the COVID-19 pandemic and an oil glut has slashed gasoline prices. The overall rate was the lowest registered since May 2015. The Bank of Canada last week said the inflation rate was likely to drop to around 0% in the second quarter on sharply lower gas prices. Excluding gasoline prices, the annual inflation rate was 1.7% in March.
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Canada inflation rate tumbles to near five-year low as gas prices slump