Canada’s annual inflation rate┬аslowed to 2.9 per cent in January, according to data from Statistics Canada.
Falling gas prices helped drive rate down
Canada’s annual inflation rate slowed┬аto 2.9 per cent in January, mostly due to a deceleration in the price of gas, according to data from Statistics Canada.
Economists were expecting the rate to come in at 3.3┬аper cent.┬а
Gas prices fell four per cent year over year┬аin January┬аafter gasoline drove headline inflation up in December, due to what economists call a base-year effect (the impact of comparing prices in a given month to the same month a year earlier).
The core inflation rate, which┬аstrips away gasoline and other volatile sectors, was 3.2 per cent.
While groceries are still getting more expensive, prices grew at a slower rate in January, Statscan said.
Meat, dairy products, fresh fruit and baked goods┬аwere among the basket items that helped bring the rate down to 3.4 per cent.
More to come.
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