Inflation Up in February
CBJ — The annual rate of inflation moved up in February thanks to an uptick in most spending categories, which was enough to offset lower gasoline prices.
Figures released by Statistics Canada indicate the consumer price index went up 1.5% compared with a year ago.
With inflation below the desired premium 2% target by the Bank of Canada, it’s highly unlikely that we’ll see a change in the overnight trendsetting rate at the next announcement. Anywhere between 1% and 3% inflation is considered acceptable.
Excluding gasoline, the annual pace of inflation held steady at 2.1%, the same as January.
The Bank of Canada held its key rate target at 1.75% at its rate announcement earlier this month when it also raised concerns about the strength of economic growth to start the year.