Calgary’s annual inflation rate was 2.4 per cent in April, up slightly from last month, according to a new report from Statistics Canada.

The city’s inflation rate rose to 2.4 per cent from 2.3 per cent in March while the province overall stayed at 2.3 per cent.

The national inflation rate was 2.2 per cent in April. Overall, the upward pressure on inflation last month was led by higher costs for gasoline, air transportation and restaurants, while the biggest downward forces came from cheaper prices for digital equipment, travel tours and natural gas.

The report also says the average of the Bank of Canada’s three measures of core inflation, which omit more-volatile numbers like pump prices, crept slightly above the two per cent mark last month for the first time since February 2012.

The Bank of Canada carefully scrutinizes inflation numbers ahead of its interest-rate decisions. It can use rate hikes as a tool to help prevent inflation from climbing too high

– With files from the Canadian Press

ajunker@postmedia.com

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Source:: Calgary Herald

      

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