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Canada’s inflation rate rose to 2.8 per cent in April as higher energy prices caused by the war in Iran continue to drive up fuel prices, Statistics Canada said Tuesday.
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Inflation accelerated from the 2.4 per cent reported in March and marked the highest rate since May 2024, when headline inflation was 2.9 per cent.
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However, April’s inflation rate was slightly lower than the Bank of Canada’s expectations. The central bank projected inflation to peak at three per cent in April before gradually returning to the two per cent target in early 2027 in its most recent Monetary Policy Report.
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The price of food purchased from stores rose by 3.8 per cent on a yearly basis in April, down from 4.4 per cent in March. StatCan officials said prices for meat and fresh vegetables decelerated slightly, while prices for coffee and confectionaries rose more quickly.
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Higher fuel costs also affected the cost of transportation — up 7.6 per cent year-over-year in April — and helped drive overall inflation higher.
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Clothing and footwear prices rose by two per cent on an annual basis in April — led by higher prices in women’s clothing — while shelter costs rose by 1.8 per cent during the same time period.
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British Columbia was the only province where consumer prices didn’t accelerate month-over-month, increasing by 2.5 per cent in April, the same rate as in March.
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