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Annual inflation rate cooled in March as pandemic took hold

Last Updated Apr 22, 2020 at 10:10 am EDT

Signage mark the Statistics Canada offiices in Ottawa on July 21, 2010. Canada's national statistics agency is set this morning to release a snapshot of the labour force from March as the COVID-19 virus plunged the country into economic uncertainty. THE CANADIAN PRESS/Sean Kilpatrick
Summary

The annual pace of inflation slowed in March, Statistics Canada says


The inflation rate slowed last month to a pace last seen in 2015, as the economy was hit by the pandemic


Statistics Canada says CPI for March was up 0.9 per cent compared with a year ago


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.

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.