Canada's annual inflation rate fell to 2.2 percent in February due to moderating gasoline prices, according to Statistics Canada on Wednesday.
The Consumer Price Index (CPI) rose 2.2 percent on a year-over-year basis in February, down from a 2.4 percent gain in January. Excluding gasoline, the CPI rose 2.0 percent, matching the increase in December and in January.
On a seasonally adjusted monthly basis, the CPI rose 0.1 percent in February, matching the increase in January.
The year-over-year gasoline prices rose less in February, by 7.0 percent compared with the 11.2 percent in January due to lower crude prices caused by weaker demand because of the COVID-19 outbreak.
Statistics Canada said the prices rose on a year-over-year basis in seven of the eight major components it tracks, with transportation and shelter prices contributing the most to the overall increase.
Transportation rose 4.4 percent compared with a year ago while shelter prices climbed 2.3 percent.
Prices for household operations, furnishings and equipment edged down 0.2 percent, the category's fifth consecutive month lower, largely due to lower prices for telephone services and household durable goods.
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