Canadian Consumer Price Index Increases Month-Over-Month and Year-Over-Year in April

Posted on May 16, 2023

Statistics Canada (StatCan) reported Tuesday (5-16-23) that the Canadian Consumer Price Index (CPI) increased 4.4% year-over-year in April, following a 4.3% rise in March. This marks the first acceleration in headline consumer inflation since June 2022. On a year-over-year basis, higher rent prices and mortgage interest costs contributed the most to the all-items CPI increase in April.

StatsCan reports that on a monthly basis, the CPI was up 0.7% in April, following a 0.5% gain in March. Gasoline contributed the most to the headline month-over-month movement. Excluding gasoline, the monthly CPI rose 0.5%. On a seasonally adjusted monthly basis, the CPI rose 0.6%.

Year-over-year, the price of groceries increased at a slower rate in April—up 9.1%, compared to March’s 9.7% gain—with the slowdown stemming from smaller price increases for fresh vegetables, coffee, and tea.

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