Canada’s annual inflation rate fell sharply in April, from 1.0 percent the previous month to 0.4 percent, mostly as a result of lower gasoline prices across the nation.
Statistics Canada reported Friday that Canada’s consumer price index dropped to 0.4 percent in the 12 months ended in April thanks largely to a 6 percent drop in gasoline prices from the previous year – the largest annual decline in gasoline since October 2009, the agency said.
Other goods and services also weighed in on inflation last month such as transportation costs which declined 2.1 percent. Mortgage interest costs, video equipment, automobiles and travel tours were also lower.
On the flipside, food prices rose another 1.5 percent, but that was less than the 1.8 percent rise seen in March, while shelter costs increased by 1.3 percent.
Regionally, New Brunswick and B.C. saw their inflation rate dip into negative territory. All of the other provinces saw prices increase.