Canada April inflation plunges to 0.4 percent, well below target

Fri May 17, 2013 8:32am EDT
 
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(Reuters) - Canada's annual inflation rate fell dramatically to 0.4 percent in April from 1.0 percent in March, Statistics Canada said on Friday. It was the lowest since October 2009, below forecast and well outside the Bank of Canada's target range of 1 to 3 percent.

The weak inflation was due mainly to cheaper gasoline and cars. The annual core inflation fell to 1.1 percent from 1.4 percent in March.

(Reporting by Alex Paterson; Editing by Randall Palmer)