Consumer price index up 2.2% in February

The Consumer Price Index (CPI) rose 2.2% in February compared to a year ago, according to Statistics Canada reports on Wednesday.
This is a drop from the 2.4% increase in January.

Economists expected a 2.1% increase for February, according to a survey by the financial market data company Refinitiv.

According to Statistics Canada, prices rose year over year in seven of the eight major components it monitors, with transportation and housing prices contributing the most to the rise in the all-items index.

Prices for household spending, furniture and equipment fell for the fifth consecutive month, largely due to lower prices for telephone services and household durables.

Excluding gasoline, the annual rate of inflation for February was 2.0%, which corresponds to the increase in December and January.

Provincially, the CPI advanced 2.3% in Quebec in February, compared with the same month in 2019.

On the Atlantic side, New Brunswick saw the index rise by 2.2%, Nova Scotia by 2.5% and Prince Edward Island by 2.2% d ” Year over year in February.

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