Statistics Canada released consumer price inflation data on Friday. Canadian consumer price inflation increased 0.9% in February, beating expectations for a 0.7% rise, after a 0.2% drop in January.

On a yearly basis, the consumer price index remained unchanged at 1.0% February. It was the lowest since November 2013.

The consumer price index was driven by price increases in seven of the index's eight major components.

Gasoline prices plunged 21.8% in February, while natural gas rose 10.8%.

Food prices increased 3.9%.

Canadian core consumer price index, which excludes some volatile goods, increased 0.6% in February, exceeding expectations for a 0.5% gain, after a 0.2% rise in January.

On a yearly basis, core consumer price index in Canada declined to 2.1% in February from 2.2% in January.

The Bank of Canada's inflation target is the range of 1% to 3%.