Portrait Of Male Florist Outside Shop
© Cathy Yeulet / 123RF Stock Photo

Statistics Canada says the consumer price index in February rose 2.2% compared with a year ago.

The increase comes after a year-over-year increase of 2.4% in January.

Economists had expected a reading of 2.1% for February, according to a poll by financial markets data firm Refinitiv.

Statistics Canada says prices rose on a year-over-year basis in seven of the eight major components it tracks, with transportation and shelter prices contributing the most to the overall increase.

Prices for household operations, furnishings and equipment fell for the fifth consecutive month, largely due to lower prices for telephone services and household durable goods.

Excluding gasoline, the annual pace of inflation for February came in at 2.0%, matching the increase in December and in January.