OTTAWA – Statistics Canada reports the annual pace of inflation in March slowed to a pace last seen in 2015 as the economy was gripped by the COVID-19 pandemic.
The agency says the consumer price index for March was up 0.9 per cent compared with a year ago.
Huge drop in inflation:
"The Consumer Price Index (CPI) rose 0.9% on a year-over-year basis in March, down from a 2.2% increase in February."
— Richard Dettman (@rwdettman) April 22, 2020
The reading compared with a year-over-year increase of 2.2 per cent in February.
Economists on average had expected a reading of 1.2 per cent for March, according to financial markets data firm Refinitiv.
Energy prices fell 11.6 per cent on a year-over-year basis in March.
Excluding energy, the consumer price index rose 1.7 per cent.