Sliding food costs help offset rising gas prices to slow inflation

OTTAWA -- The country"s annual inflation rate slowed to an unexpectedly weak 1.6 per cent last month as the continued decline in food prices played a big role in offsetting the higher cost of gasoline, Statistics Canada said Friday.

The agency"s latest reading shows the pace of inflation decelerated from February"s year-over-year reading of two per cent, which was right on the Bank of Canada"s ideal target.

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