The latest data released by Statistics Canada shows that the Canadian Consumer Price Index (CPI) dipped slightly to 2.8% in February 2024, down from 2.9% in January 2024. The CPI measures the average change in prices over time that consumers pay for a basket of goods and services, indicating the country's inflation rate.
The comparison period used for this data is a year-over-year comparison, which means the 2.8% CPI in February 2024 is compared to the same month a year ago. This slight decrease in the CPI suggests a mild deceleration in the rate of inflation in Canada.
The updated CPI figures were released on 19th March 2024, providing insights into the country's economic landscape and helping policymakers make informed decisions to navigate through the changing economic conditions.
