Canada April Inflation Lower Than Expected At 1.6 Pct

Canada April inflation lower than expected at 1.6 pct

OTTAWA, (Pakistan Point News - 19th May, 2017 ) - Canadians paid 1.6 percent more for goods and services in April than a year earlier, as lower food costs were offset by higher energy prices, the government statistical agency announced Friday. Inflation matched the rate in March. Economists had forecast a slightly higher 1.7 percent uptick in prices. Food prices in April were down for a seventh consecutive month, said Statistics Canada. Transportation costs, including passenger vehicles, were up but at a slower pace.

Gasoline prices rose in part due to supply disruptions at oil refineries as they changed over to summer fuel blends. Shelter costs rose due mainly to increased homeowner replacement costs. Natural gas increased for a fourth consecutive month, while conversely, electricity prices posted a fourth consecutive decline. Hotel, and video and audio subscription service costs also increased. As well the price of telephone services rose as new products were unveiled, affecting the price of service plans. But video equipment costs fell.