Inflation rate increased in April, back up to 4.4% | CBC News
Business

Inflation rate increased in April, back up to 4.4% | CBC News

By Kevin Colleran

Business·Breaking

Canada’s inflation rate reversed its cooling trend last month and moved higher, to a 4.4 per cent annual rate.

Increased from March’s 4.3 per cent annual pace

Pete Evans · CBC News ·
man in mask pumping gasoline
Gasoline prices increased by 6.3 per cent last month. (Alex Lupul/CBC)

Canada’s inflation rate reversed its cooling trend last month and moved higher, to a 4.4 per cent annual rate.

Economists had been expecting new data released by Statistics Canada on Tuesday to show the cost of living had eased from March’s 4.3 per cent pace to something around 4.1.

Instead, it moved higher again, as the cost of things like gasoline, rent and mortgages increased during the month.

It’s the first acceleration in the cost of living since June of 2022, when Canada’s inflation rate hit a more than 40-year high of 8.1 per cent.

More to come.

ABOUT THE AUTHOR

Pete Evans is the senior business writer for CBCNews.ca. Prior to coming to the CBC, his work has appeared in the Globe & Mail, the Financial Post, the Toronto Star, and Canadian Business Magazine. Twitter: @p_evans Email: [email protected]

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Kevin Colleran