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Alberta’s April inflation rate

Alberta’s April inflation rate

Posted on: 5/15/2019 | Author: ATB Financial's Economics + Research Team

Alberta’s inflation rate, as measured by Statistics Canada’s Consumer Price Index (CPI), was 2.2 per cent in April. Prices went up by just a shade less in April than in March, when the year-over-year CPI rose by 2.3 per cent.

Nationally, the year-over-year CPI increased by 2.0 per cent in April, hitting the mid-point of the Bank of Canada’s inflation-control target range of 1 to 3 per cent. Prices were up the most in British Columbia with its CPI rising by 2.7 per cent.

Year-over-year prices in Alberta were up in all eight of the major components of the CPI basket. Food costs were up by 3.4 per cent (3.7 per cent for food bought in stores and 2.9 per cent for food purchased from restaurants).

Transportation costs were up 3.4 per cent—with the price of auto insurance up 9.4 per cent—but the price of gasoline was down 2.3 per cent. Shelter costs increased by 2.8 per cent, pushed up by higher prices for insurance, utilities, property taxes and repairs.

In terms of the decision on whether to raise interest rates, a national inflation rate in the middle of the Bank’s target range is another indication (but not a guarantee) that rates are unlikely to rise in the near term.

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