Canada, inflation and consumer price
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Canada's inflation rate eased to 1.7 per cent in April, driven by a drop in prices after the federal government removed the consumer carbon tax, according to Statistics Canada.
The headline figure, however, concealed a bundle of sharply higher prices on food, cars and rent, and adds to a raft of crosscurrents facing central bank policymakers.
The Canadian dollar strengthened against its U.S. counterpart on Tuesday as investors slashed bets on a Bank of Canada interest rate cut next month after domestic data showed underlying inflation heating up.
Canada’s annual rate of inflation slowed to 1.7 per cent in April, Statistics Canada reported on Tuesday, down from 2.3 per cent in March.