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Canadian consumer prices rise at slower pace in February

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Canadian consumer prices rise at slower pace in February

Canadian consumer prices rose 0.2% on a seasonally adjusted monthly basis in February following a 0.5% increase in January, Statistics Canada said.

Prices for all items excluding food and energy increased 0.3% in February, up from 0.2% in the previous month.

Headline inflation was up 0.6% for the month, following a 0.7% increase in the earlier month.

Year over year, inflation rose 2.2% in February from a 1.7% increase in January as all eight major components posted gains.

Consumer energy prices rose 5.3% year over year in February, following a 2.4% increase in January. Costs for gasoline and natural gas showed larger gains compared with last month.

Durable goods prices increased 0.6% for the month. Higher prices for services also helped drive the increase in the CPI.

In monthly terms, six of the eight major components of the consumer price index rose in February.