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Canada Inflation February 2023

Canada: Inflation falls to lowest level since January 2022 in February

Inflation dropped to 5.2% in February, following January’s 5.9% and below market expectations. February’s figure marked the weakest inflation rate since January 2022. The moderation was broad-based, with reduced price pressures recorded for housing, transportation, and food.

Annual average inflation fell to 6.8% in February (January: 6.9%). Meanwhile, core inflation fell to 4.7% in February, from January’s 5.0%.

Finally, consumer prices rose 0.39% in February over the previous month, coming in below January’s 0.52% increase.

TD Economics’ Leslie Preston said:

“There was nothing in today’s inflation report that would move the Bank of Canada off of its pause on interest rate moves. Unlike the Federal Reserve, domestic inflation trends mean the BoC can ride out the current volatility in financial markets driven by stresses in the banking sector internationally.”

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