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Canada's inflation rate slowed to 2.8% in February, beating expectations for 2nd
month in a row | CBC News Loaded
Business


CANADA'S INFLATION RATE SLOWED TO 2.8% IN FEBRUARY, BEATING EXPECTATIONS FOR 2ND
MONTH IN A ROW

Canada's annual inflation rate cooled to 2.8 per cent in February, with the cost
of cellular services, groceries and internet access services contributing to
slower growth, Statistics Canada said Tuesday.


ECONOMISTS HAD EXPECTED UPTICK AFTER RATE DIPPED TO 2.9 PER CENT IN JANUARY

Jenna Benchetrit · CBC News · Posted: Mar 19, 2024 5:35 AM PDT | Last Updated:
March 20

People shop in a grocery store in Montreal in November 2022. Canada's annual
inflation rate slowed to 2.8 per cent in February, according to Statistics
Canada. (Graham Hughes/The Canadian Press)


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comments

Canada's annual inflation rate cooled to 2.8 per cent in February, with the cost
of cellular services, groceries and internet access services contributing to
slower growth, Statistics Canada said Tuesday.

Economists had largely expected the rate to rise to 3.1 per cent and undo some
of the year's early progress.

Rent and mortgage interest costs continued to be primary drivers of the
inflation rate, the agency said. Meanwhile, gas prices ticked up 0.8 per cent in
February year-over-year after a four per cent decline in January.

Canadians who signed up for a new cell phone plan in February paid 26.5 per cent
less than they would have at the same time last year — this was due to lower
prices for new plans and increases in data allowances.



The Bank of Canada's preferred measure of core inflation, which strips out
volatile sectors like food and energy, also fell below economists' expectations
last month — an encouraging sign for the central bank, wrote CIBC economist
Katherine Judge.

"This is the second month in a row in which inflation has looked softer than
expected, and with ample evidence that higher interest rates are working to tame
inflation, the Bank of Canada is on track to start cutting interest rates in
June," Judge wrote.

 * Canada's inflation rate slowed to 2.9% in January as gas prices fell

The central bank maintained during its interest rate policy announcement earlier
this month that it's too soon to talk about rate cuts. That could change during
its next meeting, wrote Douglas Porter, chief economist with Bank of Montreal.

"At a minimum for April, look for the Bank to open the door to rate cuts. BMO
continues to call for a June start to rate cuts, and this report certainly
reinforces our conviction."

WATCH | Exploring whether Canada's middle class still exists: 


IS CANADA’S MIDDLE CLASS SHRINKING?


2 months ago
Duration 9:46
Many Canadians call themselves middle class, a term frequently used by
politicians to reach a broad audience. CBC’s Stephen Cook explores what it means
to be middle class in 2024.

For the first time in more than two years, grocery prices increased at a slower
pace than the headline inflation rate, StatsCan said.

This was thanks to what economists call a base-year effect (the impact of
comparing prices in a given month to the same month a year earlier).

But slower price growth doesn't mean that food isn't getting more expensive.
While the inflation rate for fresh fruit (-2.6 per cent), processed meat (-0.6
per cent) and fish (-1.3 per cent) all declined, grocery prices are still
rising.


CORRECTIONS

 * An earlier version of this article stated that February's inflation rate was
   helped by slower growth in cellular services, groceries and internet access
   services. In fact, those items helped drive slower growth, with the price of
   cell and internet access services having declined.
   Mar 20, 2024 10:42 AM ET


ABOUT THE AUTHOR

Jenna Benchetrit

Journalist

Jenna Benchetrit is a senior writer with the business content unit at CBC News.
She has also covered entertainment and education stories. A Montrealer based in
Toronto, Jenna holds a master's degree in journalism from Toronto Metropolitan
University. You can reach her at jenna.benchetrit@cbc.ca.

CBC's Journalistic Standards and Practices|About CBC News
Corrections and clarifications|Submit a news tip|Report error



RELATED STORIES

 * Canada's inflation rate slowed to 2.9% in January as gas prices fell

Your weekly look at what’s happening in the worlds of economics, business and
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for you, in your inbox Monday mornings.

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