"Canada's annual inflation rate edged down to 2.3 per cent in January, Statistics Canada said on Tuesday, driven downward by a decline in the cost of gasoline. Economists were largely expecting the rate to remain unchanged from December's 2.4 per cent."
"With gas excluded, January's inflation rate came in at three per cent. Pump prices put pressure on the headline rate, having fallen 16.7 per cent in January compared to the same period last year."
Canada's annual inflation rate edged down to 2.3 per cent in January, driven by lower gasoline costs. Excluding gas, inflation was three per cent, indicating stronger underlying price pressures. Pump prices fell 16.7 per cent year-over-year in January, which reduced the headline inflation rate. December's inflation rate was 2.4 per cent, and many economists had expected little change between December and January. The decline in gasoline prices thus played a decisive role in the monthly inflation reading. Additional data will further clarify the trajectory of overall and core inflation in coming months.
Read at www.cbc.ca
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