Canada Inflation Pauses but Grocery Costs Remain Elevated
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Canada Inflation Pauses but Grocery Costs Remain Elevated

By: Dylan Sikes – AllPennyStocks.com News

Friday, March 24, 2023

Canada's inflation rate dropped to the lowest level in over a year in February, falling to 5.2 percent year over year, from 5.9 percent in January. The drop in the consumer price index was the biggest single-month decline in almost three years according to Statistics Canada and was less than analysts' forecast for a decline of 5.4 percent.

The rate was even less when food and energy prices were excluded. Groceries purchased from stores continued to be in the double digits, up 10.6 percent, although grocery prices dropped from the 11.4 percent seen in January.

Statistics Canada, the national statistics office for the country state, "Continuing to put upward pressure on grocery prices are supply constraints amid unfavorable weather in growing regions, as well as higher input costs such as animal feed, energy and packaging materials."



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