Canada's inflation rate plunged in April on lower energy prices, with food costs continuing to rise, the national statistical agency said today.
Overall prices rose 1.7% year over year, down from a 2.3% increase in March, Statistics Canada said.
This was largely driven by lower energy prices, with gasoline costs falling 18.1% and prices for natural gas down 14.1% after a federal levy on carbon pollution was cancelled and crude oil prices fell, the agency said.
Oil prices retreated due to lower demand as a result of tariffs disrupting international trade and increased supply.
The costs of food and travel tours, meanwhile, rose.
Food prices have been increasing at a faster pace over recent months than the overall rise in the costs of goods. The 3.8% increase in April was led by higher prices for fresh vegetables, beef, coffee and tea, sugar and prepared foods.
The cost of restaurant meals also increased in the month.
