The Consumer Price Index (CPI) rose 2.9% on a year-over-year basis in January, following a 3.4% gain in December. The largest contributor to headline deceleration was lower year-over-year prices for gasoline in January (-4.0%) compared with December (+1.4%). Excluding gasoline, headline CPI slowed to 3.2% year over year in January, down from the 3.5% growth in December. Price growth for food purchased from stores slowed year over year in January (+3.4%) compared with December (+4.7%), putting downward pressure on the all-items CPI. Lower prices for airfares and travel tours also contributed to the headline ... (full story)

Statistics Canada says the country’s annual inflation rate fell to 2.9 per cent last month. The sharp decline comes after inflation ticked up to 3.4 per cent in December. The consumer price index report says the largest contributor to the decline was lower gasoline prices on a year-over-year basis. Price growth for groceries also decelerated significantly, rising 3.4 per cent annually in January compared with 4.7 per cent in December. StatCan says on a seasonally adjusted basis, prices ticked lower between December and January, marking the first decline since May 2020. The Bank of Canada’s preferred core measures of ... (full story)