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Canada’s annual inflation rate dropped to 2.7 per cent in April, the latest Statistics Canada data show.
In British Columbia, however, the rate increased slightly from 2.7 per cent to 2.9 per cent.
The national rate was 2.9 per cent in March.
The 0.2 percentage-point decline was led by food prices, services and durable goods, according to StatCan.
But the drop in price rises was moderated by increases in the cost of gas, which was up 6.1 per cent. Excluding gas, the inflation rate was 2.5 per cent.
The last time the inflation rate was as low as 2.7 per cent was in March 2021, more than three years ago.
It’s good news for people hoping the Bank of Canada will drop its main interest rate on June 5.
The central bank has repeatedly warned that it will only lower its rate if it sees consistent declines in inflation.
According to StatCan’s report on April’s annual inflation, grocery prices increased by a relatively slow 1.4 per cent compared with 2023.
Some prices even declined, including fruit and nuts (-0.8 per cent) and fish and seafood (-1.8 per cent).
But between April 2021 and April 2024, grocery prices in general are up 21.4 per cent.
In BC, meanwhile, rent was up 7.2 per cent in April 2024 compared with April 2023.
In Alberta, rent was up 16.2 per cent.