Inflation Rate Unexpectedly Fell to 2.8 Percent in February

Canada’s annual inflation rate unexpectedly fell to 2.8 percent last month, amid sharp declines in cellular and internet services as well as slower grocery price growth. Statistics Canada released its February consumer price index report on March 19, which shows price growth softened for a second consecutive month. Economists were widely expecting Canada’s inflation rate to have risen above January’s 2.9 percent, in part due to higher gasoline prices. The federal agency says prices for wireless services were down 26.5 percent and internet prices fell 13.2 percent from a year ago. Prices for food purchased at stores in February were up 2.4 percent from a year ago, marking the first time prices grocery prices rose more slowly than overall inflation since October 2021....