Canadian Consumer Price Index Rises at a Faster Pace Year-Over-Year in February

Statistics Canada (StatsCan) is reporting the Canadian Consumer Price Index (CPI) rose at a faster pace year-over-year in February (+1.1%) than in January (+1.0%). The increase in gasoline prices (+5.0%) led to consumer price growth in February. Excluding gasoline, the CPI rose 1.0% in February, down from a 1.3% increase in January. On a seasonally adjusted monthly basis, the CPI rose 0.1% in February. Prices for consumer goods (+1.0%) rose at a faster year-over-year pace in February compared with January (+0.1%), mostly because of higher gasoline prices. The price increase for services slowed year over year in February (+1.2%) compared with January (+1.9%). Lower clothing prices (-7.1%) largely contributed to the year-over-year price decline for semi-durable goods (-3.5%) in February. Prices for food purchased from stores rose 1.3% year over year in February, compared with a 0.1% increase in January, primarily because of a rise in prices for fresh fruit (+5.9%). Prices for food purchased from restaurants were up 2.9% year over year in February, compared with growth of 2.8% in January.