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Consumer Price Index, January 2023
The Consumer Price Index (CPI) rose 5.9% year over year in January, following a 6.3% increase in December. Prices for cellular services and passenger vehicles contributed to the deceleration in the all-items CPI. However, mortgage interest cost and prices for food continue to rise. In January, prices rose 4.9% on a year-over-year basis excluding food and energy and 5.4% excluding mortgage interest cost. In both cases, year-over-year price growth slowed compared with December. The headline CPI grew at a slower pace year over year in January (+5.9%) compared with December (+6.3%) due to a base-year effect. This is ... (full story)
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Canada: Annual CPI declines to 5.9% in January vs. 6.1% expected
Annual inflation in Canada, as measured by the Consumer Price Index (CPI), declined to 5.9% in January from 6.3% in December. This reading came in below the market expectation of 6.1%. On a monthly basis, CPI rose 05% in January, compared to analysts' estimate of 0.7%. Additionally, the Bank of Canada's Core CPI, which excludes volatile food and energy prices, dropped to 5% on a yearly basis from 5.4% in December. USD/CAD pushed higher with the initial reaction and was last seen gaining 0.22% on the day at 1.3480.