Canada’s inflation rate slowed sharply to 1.7% in April, down from 2.3% in March, according to Statistics Canada. The drop was largely driven by a steep 18.1% decline in gasoline prices and a 14.1% fall in natural gas costs, following the removal of a federal carbon levy and a slide in global oil prices amid trade disruptions and oversupply.
Despite the overall dip, food prices surged 3.8%, led by increases in fresh vegetables, beef, coffee, sugar, and prepared foods. Restaurant meals and travel tours also became more expensive, showing continued pressure on household budgets even as energy relief softened inflation.
Canada’s Inflation Cools Sharply in April as Energy Prices Drop
Canada’s inflation rate slowed sharply to 1.7% in April, down from 2.3% in March, according to Statistics Canada. The drop was largely driven by a steep 18.1% decline in gasoline prices and a 14.1% fall in natural gas costs, following the removal of a federal carbon levy and a slide in global oil prices amid trade disruptions and oversupply.
Despite the overall dip, food prices surged 3.8%, led by increases in fresh vegetables, beef, coffee, sugar, and prepared foods. Restaurant meals and travel tours also became more expensive, showing continued pressure on household budgets even as energy relief softened inflation.
