Canada's inflation hits 6.8% in April

Ottawa, May 19 Canada's consumer prices rose 6.8 per cent year-over-year in April, a slight increase from 6.7 per cent in March, Statistics Canada said.

The year-over-year increase in April was largely driven by food and shelter prices. Gas prices increased at a slower pace in April compared with March, moderating the acceleration of the all-items Consumer Price Index (CPI) in April, the national statistical office added on Wednesday.

Excluding gasoline, the CPI rose 5.8 per cent year-over-year in April, after a 5.5 per cent gain in March. This was the fastest pace since the introduction of the all-items, excluding gasoline special aggregate in 1999, according to the agency.

With the unemployment rate falling to a record low in April, strong employment figures tend to put upward pressure on prices. In April, average hourly wages for employees rose 3.3 per cent on a year-over-year basis, meaning that, on average, prices rose faster than wages, and Canad experienced a decline in purchasing power, revealed Statistics Canadadddd monthly basis, the CPI ddedddsd 0.6 per cent in April after a 1.4 per cent gain in March. On a seasonally adjusted monthly basis, the CPI rose 0.7 per cent.

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