Canada's annual consumer inflation slowed down to 2.8% in February from 2.9% in January, the country's statistical authority said Tuesday.
The consumer price index (CPI) came in lower than market expectations of 3.1%.
The rate reflects a significant slowdown since the 8.1% figure in June 2022 — its highest level in 39 years.
The annual deceleration in inflation was largely a result of cellular services, food purchased from stores, and internet access services, according to Statistics Canada.
"Excluding gasoline, the headline CPI slowed to a 2.9% year-over-year increase in February, down from 3.2% in January. Prices for rent and the mortgage interest cost index continued to apply upward pressure on the headline CPI," it said in a statement.
On a monthly basis, the CPI rose 0.3% in February, also coming in lower than market estimates of a 0.6% increase.
"On a seasonally adjusted monthly basis, the CPI rose 0.1% in February," said the statement.
