Canada's annual inflation rate eased in March to 4.3%, its slowest pace in 19 months but still more than double the Bank of Canada's 2% target, data showed on Tuesday.
The headline inflation figure fell from 5.2% in February, matching expectations, as a decline in energy prices helped offset a record spike in mortgage costs, Statistics Canada data showed on Tuesday.
Month-over-month, the consumer price index was up 0.5%, also in line with forecasts. Gasoline prices fell for a second month in a row on an annual basis. Food prices gained 9.7% annually in March, down from 10.6% in February.but struck a hawkish tone"Inflation is coming down quickly - data this morning show it fell to 4.3% in March," BoC Governor Tiff Macklem said in testimony in the House of Commons.
Services prices rose 5.1% annually in March, while the price of goods increased by 3.6%, Statscan data showed. The March inflation reading benefited from a comparison to last year's strong price increase. "I would characterize this as modestly good news," said Doug Porter, chief economist at BMO Capital Markets. "We did see the expected come down in all the core measures. Things are mostly unfolding as expected."
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