Alberta Inflation Slows; Biggest rent increase in Canada

Despite slowing inflation in Alberta, rental prices in the province have increased at nearly double the national average.

Statistics Canada released its April Consumer Price Index report on Tuesday.

According to the report, the country's annual inflation rate fell slightly to a three-year low of 2.7 percent in April from 2.9 percent in March.

In Alberta, the slowdown was largely driven by electricity and natural gas prices. However, the cooling was moderated by rising rental prices.

Statistics Canada found that rental prices in Alberta rose 16.2 per cent in April compared to a year-over-year increase of 14.2 per cent in March.

This marks the eighth consecutive month that rents have increased in Alberta, above the national rate of 8.2 per cent in April.

Statistics Canada notes that the growth coincides with strong demand from high net interprovincial migration to Alberta.

The organization's migration data shows Alberta's population will grow by 202,324 to 4.8 million in 2023.

Inflation in Calgary is the highest in Canada

Inflation in Calgary was the highest in Canada last month, despite falling significantly in April.

Inflation in Calgary was 3.6 percent in April, up from 4.2 percent in March, according to Statistics Canada.

Halifax followed with 3.4 percent, followed by Toronto with 3.2 percent.

In Edmonton, inflation was 2.8 percent in April, down from 3.3 percent the previous month.