Canada's Inflation Update - February 2024
  • Significant Drops in Service Costs: Consumers saw a notable relief in their wallets with cellular services plunging by a whopping 26.5% and internet access services by 13.2%.

  • Food Inflation Cools Off: The increase in prices for groceries also slowed down to 2.4% from the previous 3.4%, easing the cost-of-living pressure slightly.

  • Fuel Prices Buck the Trend: Amidst the overall cooling, gasoline prices ticked up by 0.8%, influenced by higher global crude oil prices due to anticipated production cuts.

  • Monthly CPI Movement: On a month-over-month basis, the consumer price index (CPI) rose by 0.3% in February, softer than expected, showing a gentle rise from the previous period's standstill.

  • Core Inflation at its Lowest: The average of the BoC's preferred measures for gauging underlying inflation—trimmed mean and weighted median—slowed to 3.15% year-on-year, reaching its lowest point since August 2021.
This cooling trend not only brings relief to Canadian consumers but also opens the door for a more relaxed monetary policy by the BoC in the second half of the year hinting at more manageable living costs and potentially lower interest rates in the near future.
Alexander Gasenko, Mortgage Broker
DLC Maple Mortgage Group, Lic #13415

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