Canada’s inflation rate slowed to 5.9 per cent in January, Statistics Canada said on Tuesday.
That number was lower than the 6.2 per cent that economists were expecting. However, mortgage interest costs and the price of food continued to rise, the statistics agency reported.
Given much of the acceleration in inflation happened in the first half of 2022, the federal agency says headline inflation will continue to slow because of base-year effects.
Meanwhile, grocery prices rose faster last month, with prices up 11.4 per cent compared to a year ago.
Statistics Canada says prices for meat, bakery goods and vegetables all rose faster on a year-over-year basis.
On a month-over-month basis, higher gas prices in January drove up the consumer price index compared with December.
More to come.
