Inflation rate one per cent for second month amid higher energy prices, lower food costs - 1310 NEWS
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Inflation rate one per cent for second month amid higher energy prices, lower food costs

Last Updated May 19, 2017 at 11:20 am EDT

Statistics Canada says the average net worth of Canadian families rose 73 per cent between 1999 and 2012 after adjusting for inflation. Canadian dollars are pictured in Vancouver, Sept. 22, 2011. THE CANADIAN PRESS/Jonathan Hayward

OTTAWA – The country’s annual inflation rate once again rang in at 1.6 per cent last month as higher energy costs offset a seventh consecutive monthly decline in grocery prices.

Statistics Canada’s latest consumer price index says higher prices for gasoline and natural gas were the biggest upward inflation drivers in April, year-over-year.

On the other hand, the agency says fresh produce and clothing applied the most downward pressure on the inflation rate.

Annual inflation was also 1.6 per cent in March and, according to Thomson Reuters, a consensus of economists had predicted 1.7 per cent inflation for April.

Statistics Canada is also releasing retail trade numbers that show total sales in March delivered a larger than expected rebound to increase by 0.7 per cent following a month-over-month contraction of 0.4 per cent in February.

The agency says total retail trade in March was nearly $48.3 billion thanks to stronger sales at motor vehicle and parts dealers.

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