Canadian Inflation Spiked in April

Ottawa, May 17 (IANS) Canada's Consumer Price Index (CPI) rose 4.4 per cent year over year in April, following a 4.3 per cent spike in March, according to the national statistical agency.

Statistics Canada said on Tuesday that this was the first acceleration in headline consumer inflation since June 2022, reports Xinhua news agency.

On a year-over-year basis, higher rent prices and mortgage interest costs contributed the most to the all-items CPI increase in April, the agency said.

According to the agency, on a monthly basis, the CPI was up 0.7 per cent in April, following a 0.5 per cent gain in March.

Prices for petrol rose 6.3 per cent, contributing the most to the headline month-over-month movement.

Excluding petrol, the monthly CPI rose 0.5 per cent.

On a seasonally adjusted monthly basis, the CPI rose 0.6 per cent, Statistics Canada said.