April inflation took economists by surprise, accelerating 4.4 per cent from a year ago, instead of the forecasted 4.1 per cent.
It’s the first time the headline consumer price index (CPI) has picked up steam since June 2022, said Statistics Canada in its release on May 16.
The national data agency attributed most of the increase to higher rents and a rise in the cost of mortgages which soared 28.5 per cent from last year as more homeowners renewed at higher rates.
Higher gasoline prices, up 6.3 per cent, also played a role in the 0.7 per cent increase in inflation in April from March, StatsCan said.
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