Inflation in Canada rose broadly in February.
Statistics Canada reported that the Consumer Price Index, which measures inflation, rose 2.2% in February compared with a year ago. The February increase follows a year-over-year increase of 2.4% in January. Economists had expected a reading of 2.1% for February, according to a poll by financial markets data firm Refinitiv.
Statistics Canada said prices rose on a year-over-year basis in seven of the eight major components that the Consumer Price Index tracks, with transportation and shelter prices contributing the most to the overall increase.
Prices for household operations, furnishings and equipment fell for the fifth consecutive month, largely due to lower prices for telephone services and household durable goods. Excluding gasoline, the annual pace of inflation for February came in at 2.0%, matching the increase in December and in January.
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