Canada's inflation rate cools to 1.4% in February

The cost of living in Canada increased at an annual rate of1.4 per cent in February, a major slowdown from January's two-per-cent level.

Statistics Canada reported Friday that the Consumer Price Index fell from the previous month because of a big decline of 13.1 per centin gasoline prices compared to where they were last year.

If gasoline prices arestripped out of the calculation, the inflation rate would be1.9 per cent.

Food prices, however, were one of the biggest factors keeping the inflation rate up.Consumers paid 3.9 per cent more for food last month compared with February 2015, the data agency said.

Regionally, the inflation rate slowed down in every province. New Brunswick posted the highest annual rate, at 2.4 per cent.

More to come