Canada's inflation rate steady at 1.6% in April

Canada's inflation rate steady at 1.6% in April

Canada's inflation rate steady at 1.6% in April

Canada's April consumer price index report shows that this country doesn't have inflation pressures to worry about yet.

On the other hand, fresh produce and clothing applied the most downward pressure on the inflation rate.

"With inflation readings weakening, but remaining within the Bank's target range, expect no change in interest rates from the Bank of Canada any time soon", IIHS economist Arlene Kish said.

On the opposite end of the spectrum, food prices have declined by 1.1 per cent over the same period.

Two of the three gauges of underlying, or core, inflation also advanced at a slower pace compared with the previous month.

Doug Porter, chief economist at Bank of Montreal: "Despite the many growing arguments for the Bank to turn more hawkish - solid GDP growth, a falling jobless rate, a hot Ontario housing market - subdued core inflation is their ace in the hole, arguing for a stand-pat stance".

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CPI-common stayed at 1.3 per cent last month, CPI-median decelerated to 1.6 from 1.7 and CPI-trim slowed to 1.3 from 1.4.

May 19 Canadian retail sales rose more than expected in March, driven by increased purchases at new and used cars dealers, as well as electronics and appliance stores, data from Statistics Canada showed on Friday.

Prices rose 0.4 percent on a monthly basis, lagging the 0.5 percent median economist forecast.

Saskatchewan's annual inflation rate sped up to 1.4 per cent last month after rising just 0.6 per cent in March.

Region wise, the rises were broad based with Quebec, Alberta and Newfoundland and Labrador the only provinces to register lower sales in the month.

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