Canada’s inflation rate slowed to 5.9 per cent in January, Statistics Canada said on Tuesday.
That number was┬аlower 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.┬а
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┬аin January drove up the consumer price index compared with December.
More to come.
