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Canada consumer prices up 0.3% in April

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Canada consumer prices up 0.3% in April

Consumer prices in Canada edged up 0.3% month over month in April, the same pace of growth as in March and in line with analyst expectations, Statistics Canada data showed.

The majority of the components, including food and shelter, rose in monthly terms on an unadjusted basis, with gasoline registering the biggest increase. The indexes for health and personal care and recreation, education and reading fell.

Excluding food and energy, prices slipped 0.1% month over month.

In annual terms, the consumer price index rose 2.2% in April, below expectations and compared to a 2.3% increase in March.

ING Research believes that some form of agreement will be reached on NAFTA by the end of May, despite the associated risks. NAFTA "is still a large source of uncertainty for the Bank of Canada," according to its May 18 report.

"We see the Bank of Canada continuing with its monetary policy tightening in the second half of the year, and expect a first hike in July."