Canada's inflation rate slowed to an annual increase of 1.3 per cent in March, thanks in large part to gasoline prices that were much cheaper during the month than they were in the same time period a year earlier.
Statistics Canada reported Friday that six of the eight economic sectors the data agency monitors to come up with its cost of living figure were higher. The two that declined were the transportation index — which includes gasoline — and clothing and footwear, which got 0.4 per cent cheaper during the month.
Prices dropped 13.6 per cent at the pump in March. That partly offset higher prices for shelter and food — particularly fresh vegetables and fresh fruit. Due in part to the lower Canadian dollar, vegetables prices were up 14.9 per cent and fruit rose 11.3 per cent.
The 1.3 per cent inflation rate was slightly higher than the 1.2 per cent that economists were expecting, according to data compiled by Bloomberg.
The inflation rate cooled in eight provinces during the month but increased in Alberta and British Columbia, the data agency said.
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