Inflation numbers decrease again, down to 5.2%
✨Inflation drops again, down to 5.2%✨
Inflation numbers fell from 5.9% in January to 5.2% in February, below the target prediction of 5.4% for this past month.
Canada's inflation rate is low compared to the US at 6.0% last month, the UK at 10.1%, the Euro Area at 8.5%, and Australia at 7.2%.
The most significant decreases were seen in gasoline, energy, air travel, meat products and childcare costs.
Whereas, we saw food prices climb again in several categories with specifics to dairy, fruit, and sugar. We also saw rental accommodations slightly increase and telephone services noticeably jump.
The economy continues to remain strong with new job creation and low unemployment rates. This significant decrease to inflationary numbers tells us that the Bank of Canada’s decision to aggressively raise rates this past year is returning desirable results and is hopefully enough to lower living costs and achieve price stability once again.
The BoC will likely continue to refrain from increasing interest rates at their next meeting on April 12th.