Canadian Inflation Level Moves into Negative Territory – First Time Since 2009

According to Statistics Canada, Canada’s annual inflation rate fell by 0.2% in April, moving into negative territory for the first-time since 2009. The result of the COVID-19 pandemic and falling energy prices. Excluding energy prices, annual inflation rose by 1.6%. Josh Nye, senior economist at RBC Economics, said in a note “Prices for essentials matter more at this stage. In that sense, an increase in food prices (which jumped 3.4%) in April likely hurts more than a drop in gasoline prices helps.”

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.