OTTAWA — Canada’s inflation rate slowed to 5.2 per cent in February, according to the latest numbers from Statistics Canada issued Tuesday.
It’s a decrease from the 5.9 per cent rate reported in January, which makes the newest adjustment the largest deceleration since April 2020.
The agency says despite the lower rates, grocery prices continued to soar, with those prices rising 10.6 per cent in February, mainly affecting items like cereal, juices, sugar and candy, as well as fish. Meanwhile, price growth slowed for non-alcoholic beverages, meat, vegetables, dairy and bakery products.
Shelter costs also increased at a slower pace for the third month in a row, while energy prices fell amid greater supply.
Prices rose at a slower pace in February compared with January in all provinces except British Columbia, where prices remained unchanged.
StatCan says Prince Edward Island is currently recording an inflation rate of 6.7 per cent, following by Nova Scotia at 6.5 per cent. New Brunswick is close behind at 5.9 per cent and Newfoundland and Labrador sits at 5.4 per cent.
Statistics Canada says Ontario and Alberta with the only Canadian provinces that recorded inflation rates below the national level, with Ontario recording 5.1 per cent and Alberta reporting 3.6 per cent.