Statistics Canada to release consumer price index for February

 

Statistics Canada is set to release its inflation figures for February on Wednesday.

The monthly consumer price index tracks changes in the price for goods and services commonly purchased by households in Canada, like groceries and haircuts.

Economists expect an increase in the consumer price index of 2.1 per cent for February compared with a year ago, according to a poll by financial markets data firm Refinitiv.

The annual pace of inflation rose to its fastest rate in almost two years in January, when it came in at 2.4 per cent.

The increase was driven by higher costs at the gas pump, pricey tomatoes and a rare surge in the cost of clothing.

The reading for February measures a period before the impact of the spread of COVID-19 in Canada and the dramatic steps taken to limit the damage.

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