Statistics Canada said Tuesday the annual pace of inflation rose in April for the first time since it peaked in June last year.
The agency said its consumer price index was up 4.4 percent compared with a year ago, up from a year-over-year increase of 4.3 percent in March.
Statistics Canada said the first tick higher in the annual rate since it peaked at 8.1 percent in June 2022 was driven by higher mortgage interest costs which were up 28.5 percent compared with a year ago due to higher interest rates. A 6.1 percent increase in rent prices also helped push the overall rate up.
Meanwhile, grocery prices, which have been closely watched, were up 9.1 percent compared with a year ago, but that increase was smaller than the 9.7 percent year-over-year jump in March….