Statistics Canada says the annual pace of inflation cooled as its consumer price index for February rose 5.2 per cent compared with a year ago.
The result compared with an annual inflation rate of 5.9 per cent in January.
This is a breaking news story and will be updated. Original copy follows.
Statistics Canada is set to release its latest report this morning on how much the cost of living is rising.
The federal agency will release its consumer price index for February.
The overall annual inflation rate was 5.9 per cent in January, but the year-over-year increase for food prices was 10.4 per cent.
The inflation report comes ahead of the federal budget on March 28.
The Bank of Canada is working to bring the annual inflation rate back to its target of two per cent.
The central bank left its key interest target unchanged at 4.5 per cent earlier this month, the first time it did not raise the rate since it began increasing it last year.
This report by The Canadian Press was first published March 21, 2023.
