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Statistics Canada released consumer price inflation data on Friday. Canadian consumer price inflation rose 0.6% in March, in line with expectations, after a 0.2% gain in February.
The monthly rise was mainly driven by an increase in prices for gasoline, and clothing and footwear. Prices for gasoline were up 5.7% in March, while prices clothing and footwear increased 4.2%.
On a yearly basis, the consumer price index fell to 1.3% in March from 1.4% in February, beating expectations for a decline to 1.2%.
The consumer price index was mainly driven by higher food and shelter prices. Food prices climbed 3.6% year-on-year in March, while shelter prices increased 1.1%.
The index for recreation, education and reading climbed by 2.0% in March from the same month a year earlier, the gasoline prices dropped 13.6%, while clothing and footwear prices declined 0.4%.
The Canadian core consumer price index, which excludes some volatile goods, increased 0.7% in March, after a 0.5% increase in February.
On a yearly basis, core consumer price index in Canada climbed to 2.1% in March from 1.9% in February. Analysts had expected the index to drop to 1.7%.
The Bank of Canada's inflation target is 2.0%.
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