Alberta's annual inflation rate tumbles in April, lowest west of Atlantic Canada
The latest numbers from Statistics Canada show the cost of living increased by 1.5 per cent in April, compared to the same month a year earlier — and that's down from the 2.8 per cent inflation rate in March of this year.
It's also below the national inflation rate of 1.7 per cent in April and the lowest rate for any province outside of Atlantic Canada.
Stats Canada credits a decline in energy prices for helping to lower the inflation rate — mainly driven by the removal of the consumer carbon tax and falling world oil prices that resulted in a 18.1 per cent decline in gasoline prices on a year-over-year basis.
In Calgary, Statistics Canada said the price of a litre of regular gasoline fell from 149.2 cents per litre in January of this year to 130.2 cents in April.
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In Edmonton, the price fell from 144.3 in January to 126.7 per litre in April.
Nationally, the price of natural gas also fell — by 14.1 per cent in April compared to a year earlier.
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The price of some grocery items on the other hand took a big jump on a year-over-year basis, led by the price of beef that increased 16.2 percent in April, compared to a year earlier, and a 13.4 per cent increase in coffee and tea prices.
Overall, grocery prices rose by 3.8 per cent in April compared to the same month last year.
In Calgary and Edmonton, the monthly inflation rate took a big drop in April. In Calgary, the inflation rate was 1.6 per cent, compared to a year earlier — that's about half the March inflation rate of three per cent. In Edmonton, the inflation rate in April was 1.5 per cent compared to April 2024 — down from 2.9 per cent in March.
The Bank of Canada will be keeping a close eye on the inflation numbers as it prepares to make its next interest rate decision on June 4, experts say.
'The good news is we're below two per cent inflation again — that should make the Bank of Canada happy,' said Mark Parsons, chief economist for ATB Financial (Alberta Treasury Branches). 'But we know that it's driven by the carbon tax cut, so that's the real story here, that's why we're below two per cent inflation.
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'Core inflation, which the Bank of Canada looks at closely, is running closer to three per cent,' added Parsons. 'What core inflation tries to do is — strips out all the volatility in the monthly data, and says, OK, this is what the inflation rate is running at on a trend basis — and that trend is still too high for comfort for the bank.'
The bank will also need to weigh the potential impact of U.S. President Donald Trump's tariffs on the Canadian economy.
'Food prices are starting to accelerate, and we think that could be related to the tariffs and the counter-tariffs, adding to the food bill that households are experiencing right now,' said Parsons. 'So this makes the job of the Bank of Canada really tough right now.'
— With files from The Canadian Press.
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