B.C. inflation flat in February at 2.3% despite skyrocketing gas prices: StatsCan

Consumer prices remained flat between January and February, according to Friday (March 24) data from Statistics Canada.

Inflation registered at 2.3% last month on the West Coast, above the national rate of 2%. In January, inflation came in at 2.1% nationwide.

The biggest price shock came at the pumps, where consumer prices were up 23.1% in February compared with a year earlier.

Last year, world markets were still reeling from the oil shock that more than halved the price of oil.

“Once again energy was the main source of price pressures,” James Marple, a senior economist at TD Economics, wrote in a note to investors.

“Partially offsetting higher energy prices, food prices continue to decline.”

The price of fresh vegetables fell 14% year over year, while fresh fruit prices fell 13.3%.

Overall, food prices in Canada declined 2.3% in February compared with a year earlier.