Canada, inflation and consumer price
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The headline figure, however, concealed a bundle of sharply higher prices on food, cars and rent, and adds to a raft of crosscurrents facing central bank policymakers.
The Canadian dollar strengthened against its U.S. counterpart on Tuesday as investors slashed bets on a Bank of Canada interest rate cut next month after domestic data showed underlying inflation heating up.
Canada’s inflation edged lower in April, with the Consumer Price Index (CPI) rising 1.7% from a year earlier, down from March’s 2.3% gain and above previous estimates, Statistics Canada reported.
Canada has effectively suspended almost all of its retaliatory tariffs on US products, tamping down inflation risks and improving its growth outlook, according to Oxford Economics.
Canada’s annual rate of inflation slowed to 1.7 per cent in April, Statistics Canada reported on Tuesday, down from 2.3 per cent in March.