Inflation rate slips below 1%
Consumers paid 0.9 per cent more in February 2020 than they did a year previously for the basket of goods and services included in the Consumer Price Index. The level of inflation decreased 0.1 of a percentage point from January 2020.
Between January and February 2020, the average cost of goods and services in the CPI decreased 0.2 per cent. The all-items index decreased from 106.3 to 106.1 in February. This means that the basket of goods and services that cost $100 in April 2015 now costs $106.10.
Health and personal care costs, which rose 4.1 per cent year-over-year, were the largest contributor to the 12-month increase in the CPI.
The food and tobacco and liquor sectors also impacted strongly on the annual rate of inflation, as price shifts in these sectors were 2.5 per cent and 3.7 per cent, respectively.
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