Inflation rate in Canada unexpectedly increased in April

Canada's inflation rate reversed its cooling trend last month and moved higher, to a 4.4 per cent annual rate.

Canada's inflation rate reversed its cooling trend last month and moved higher, to a 4.4 per cent annual rate.

Economists had been expecting new data released by Statistics Canada on Tuesday (May 16) to show the cost of living had eased from March's 4.3 per cent pace to something around 4.1.

Instead, it moved higher again, as the cost of things like gasoline, rent and mortgages increased during the month.

It's the first acceleration in the cost of living since June of 2022, when Canada's inflation rate hit a more than 40-year high of 8.1 per cent.