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Consumer Price Index, February 2023
The Consumer Price Index (CPI) in Canada rose 5.2% YoY in February, showing the largest deceleration in the CPI since April 2020, following a 5.9% increase in January. The YoY deceleration in February 2023 was attributed to the base-year effect, which was due to a steep monthly increase in prices in February 2022 (+1.0%). Excluding food and energy, prices were up 4.8% YoY, while all-items excluding mortgage interest cost rose 4.7%. The CPI increased 0.4% on a monthly basis, with Canadians paying more in mortgage interest costs in February, partially offset by a decline in energy prices. Although inflation has slowed down, prices remain elevated, with an increase of 8.3% compared to 18 months ago.