- Prior was +2.8% y/y
- CPI % m/m vs +0.8% expected
- Prior m/m was +0.4%
Core measures:
- BOC core vs +2.1 prior
- BOC core m/m % vs +0.2% prior
- Core CPI SA % m/m +0.3% vs prior
- CPI median +% vs +2.1% expected (prior was 2.1%)
- CPI trim +% vs 2.0% expected (prior was 2.3%)
- CPI common % vs 2.5% prior
For background, Canada’s headline Consumer Price Index rose 2.8% year over year in April, up from an increase of 2.4% in March. On a seasonally adjusted monthly basis, the CPI rose 0.3% in April, with the unadjusted monthly gain at 0.4%. The April reading was the highest in two years and came in below the market consensus near 3.1%. Statistics Canada released the figures on May 19, 2026.
Energy was the dominant contributor. Gasoline surged 28.6% year over year, a sharp jump from the 5.9% gain recorded in March. Energy prices as a whole were 19.2% higher versus a year ago, the fastest pace since 2022. Drivers cited included the fading base-year effect from the April 2025 removal of the consumer carbon levy, supply uncertainty tied to the Middle East conflict, and the seasonal switch to summer-blend fuel. The temporary suspension of the federal fuel excise tax that took effect on April 20 moderated the increase. Prices for fuel oil and other fuels rose 41.3% year over year in April.
Elsewhere, food inflation eased to 3.5% in April, down from 4% in March. Rent rose at a slower pace year over year in April (+3.6%) compared with March (+4.2%). The Bank of Canada’s core inflation metrics, median and trim, averaged 2.1% year over year in April, down from 2.3% in March, with trim at 2.0% and median at 2.1%. Inflation excluding gasoline was up a more modest 2.0% year over year.
