Negative Inflation in April
CBJ — The impact of the ongoing pandemic has been strongly revealed in the latest figures released by Statistics Canada, which indicate the national inflation rate was in negative territory in April with the economy having been grounded to a halt.
The consumer price index for April fell 0.2% compared with a year ago, the first year-over-year decline since September 2009 according to StatsCan.
The drastic decline in April’s inflation can be pinned on several factors but the leading cause was due to an almost 40% drop in gasoline prices between April of this year and April, 2019.
Excluding energy, Statistics Canada figures reveal that the consumer price index was up 1.6%.
In a separate report, Statistics Canada says wholesale sales fell 2.2% to $63.9 billion in March.