Annual pace of inflation cools to 2.2% in February from 2.4% in January

OTTAWA — Statistics Canada says the consumer price index in February rose 2.2 per cent compared with a year ago.

The increase comes after a year-over-year increase of 2.4 per cent in January.

Economists had expected a reading of 2.1 per cent for February, according to a poll by financial markets data firm Refinitiv.

Statistics Canada says prices rose on a year-over-year basis in seven of the eight major components it tracks, with transportation and shelter prices contributing the most to the overall increase.

Prices for household operations, furnishings and equipment fell for the fifth consecutive month, largely due to lower prices for telephone services and household durable goods.

Excluding gasoline, the annual pace of inflation for February came in at 2.0 per cent, matching the increase in December and in January.

This report by The Canadian Press was first published March 18, 2020.

The Canadian Press