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Canadas inflation slows to 14 in February on lower gas prices

OTTAWA — Canada’s annual inflation rate cooled down to 1.4 per cent in February, down from 2.0 per cent in January, mostly because of a decline in gasoline prices.[np_storybar title=”Inflation by province and territories” link=””]Canada’s national inflation rate was 1.4 per cent in February, Statistics Canada says. Here’s what happened in the provinces and territories. (Previous month in brackets):— Newfoundland and Labrador, 1.6 per cent (2.4)— Prince Edward Island, 1.1 (1.9)— Nova Scotia, 1.3 (2.0)— New Brunswick, 1.8 (2.4)— Quebec, 1.0 (1.6)— Ontario, 1.6 (2.0)— Manitoba, 1.1 (2.1)— Saskatchewan, 1.4 (2.2)— Alberta, 1.4 (2.1)— British Columbia, 1.6 (2.3)— Whitehorse, Yukon, 1.3 (1.9)— Yellowknife, N.W.T., 2.0 (2.0)— Iqaluit, Nunavut, 2.4 (2.4) [/np_storybar]Excluding gasoline, Statistic Canada’s consumer price index would have been 1.9 per cent last month.Statistics Canada says food was a major inflationary factor in February, as it has been for several months. Consumers paid 3.9 per cent more for food last month compared with February 2015.In total, six of the eight major components of the consumer price index were up.Apart from the transportation index that includes gasoline, the only other component to decline was clothing and footwear — down 1.3 per cent.The core inflation rate, which excludes some volatile items such as gasoline, was 1.9 per cent, down from 2.0 per cent in January.Economists had expected Canada’s overall inflation rate to be 1.5 per cent and core inflation to be 2.0 per cent.In a separate report, Statistics Canada reported unexpectedly strong retail sales for January, led by motor vehicle and parts dealers.Overall, retail sales rose 2.1 per cent to $44.2 billion in January, compared with $43.2 billion in December.The motor vehicle and parts dealers accounted for about one-quarter of January’s retail sales, rising 4.8 per cent from December to $11.6 billion the following month.Retail sales were up in eight provinces in January, with Alberta showing a decline of 0.2 per cent and Prince Edward Island edging down 0.1 per cent from December.The Canadian PressCanadian retail sales rebound more than expected in January, boosted by auto purchasesThe problems in Canada’s job market aren’t what the headlines tell us


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