The inflation rate increased from 2.4 per cent in March and reached its highest level since May 2024. Still, it came in slightly lower than the Bank of Canada expected.
Canadians are continuing to face higher living costs. Rent prices were up 3.6 per cent compared to last year, while grocery prices rose 3.8 per cent. Clothing and footwear prices also increased.
Experts say rising fuel prices helped drive transportation costs up by 7.6 per cent in April. However, some prices, including airfare and certain food items, have started to slow down.
Economists say the economy is still weak, and many businesses are struggling to pass higher costs on to customers. They also warn inflation could rise again in the coming months if gas prices continue climbing.
