Inflation rate drops to 1.9 per cent
Posted Apr 20, 2012 08:39:05 AM.
This article is more than 5 years old.
OTTAWA – Statistics Canada says the nation’s inflation rate took a big dip in March, falling by seven-tenths of a point to 1.9 per cent on large declines in gasoline and food prices.
But unless Canadians have long memories, they won’t much notice the difference. In fact, they may feel the cost of these and other items are continuing to rise.
That’s because consumers paid 0.4 per cent more for most items in March than they had in February.
On a year-over-year basis, however, which is how the inflation rate is measured, Statistics Canada says the growth rate in prices is slowing.
Most dramatic is in the cost of food, which was 2.2 per cent higher this March compared to last year, a major retreat from the 4.1 per cent difference seen in February.
And although the pump price of gas remains elevated and is 6.6 per cent higher now from last March, that’s less than the 8.9 per cent year-over-year increase seen in February.
