Canada's annual consumer inflation at 2.7% in April, down from 2.9% in March

Consumer price index at 0.5% on monthly basis, also slowing down from 0.6% gain previous month

By Ovunc Kutlu

ISTANBUL (AA) - Canada's consumer inflation annually came in at 2.7% in April along with market estimates, and slowing down from a 2.9% year-on-year gain in March, the country’s statistical authority said Tuesday.

The figure reflects a significant slowdown since the 8.1% annual gain recorded in June 2022 — the highest level for the consumer price index (CPI) in 39 years.

"Broad-based deceleration in the headline CPI was led by food prices, services and durable goods," Statistics Canada said in a statement.

"The deceleration in the CPI was moderated by gasoline prices," it said, noting they rose at a faster pace in April with 6.1%, compared to 4.5% in March.

On a monthly basis, the consumer price index was at 0.5% in April, also slowing down from a 0.6% increase in March.

The monthly figure also came in line with market expectations.

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