Canadian Consumer Price Index Rose at a Faster Rate in February

Canadian Price Index rose at 1.1%, faster than January’s 1.0%, according to Statistics Canada press release. On a seasonally adjusted monthly basis, the CPI rose 0.1% in February.

• Gasoline prices supported consumer price growth, recording 5.0% gains on a year over year basis.
• Gasoline prices increased for the third consecutive month, up 6.5% in February compared to January’s 6.1% gain.
• Excluding gasoline, the CPI rose 1.0% in February, down from a 1.3% increase in January.   
• Prices for consumer goods rose 1.0%, a faster year over year pace compared to January’s 0.1% gain, driven by higher gasoline prices.
• The price increase for services slowed year over year, after gaining 1.2% in February, compared to January’s 1.9%.
• Lower clothing prices which fell 7.1% contributed to a year over year price decline for semi-durable goods which fell 3.5% in February.

Canadian dollar is currently declining against the U.S dollar. USDCAD is up 0.25%