Canada’s inflation rate drops to 2.9% in January — Statistics Canada 

Statistics Canada reports that in January, the Consumer Price Index (CPI) increased by 2.9% year-over-year, down from 3.4% in December

Lower gasoline prices (-4.0%) contributed to this slowdown. Excluding gasoline, CPI slowed to 3.2%. Food prices rose by 3.4%, lower than December’s 4.7%. 

Reduced airfares and travel tour costs also impacted CPI. Monthly, CPI remained unchanged, following a 0.3% decline in December. Seasonally adjusted, CPI fell by 0.1%, marking the first decrease since May 2020.

Overall, January saw a slight deceleration in CPI growth due to declines in gas prices, food costs, and certain travel expenses.

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