Canada’s Inflation Rate Tumbled to 2.9% in January, Grocery Prices Rise More Slowly

Published on February 20, 2024

Canada’s annual inflation rate fell to 2.9 percent last month, marking a sharper deceleration in price growth than expected by forecasters. Statistics Canada’s consumer price index report released on Feb. 20 says the largest contributor to the decline was lower gasoline prices on a year-over-year basis. The annual inflation rate was 3.4 percent in December. The report on Feb. 20 offers several layers of good news for consumers as price growth decelerated in five out of eight components of the consumer price index, including food. Grocery prices were up 3.4 percent annually in January compared with 4.7 percent in December. There are also positive signs for the Bank of Canada as the latest figures show underlying price pressures easing and the headline rate falling back to the central bank’s one to three percent target range....

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