Inflation rate unexpectedly increased in April, jumping up to 4.4%

Gasoline prices increased by 6.3 per cent last month. (Alex Lupul/CBC - image credit)Canada's inflation rate reversed its cooling trend last month and moved higher, to a 4.4 per cent annual rate. 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. That's down from March's 9.7 per cent pace but still more than twice as high as the overall inflation rate. "Just because the headline inflation rate is coming down doesn't mean price pressures are softening," he said.