Canada\u0027s annual inflation rate slowed to 5.9 per cent in January, despite grocery prices rising at an even faster pace last month.
Given much of the acceleration in price growth happened in the first half of 2022 as the threat of Russia invading Ukraine turned into a reality, the federal agency said the annual inflation rate will continue to slow in the coming months.
The headline rate came in lower in January than many commercial banks were anticipating in their forecasts, signaling good news for the Bank of Canada.Article content But Canadians experienced no slowdown in the cost of groceries last month as prices rose faster on a year-over-year basis. On a monthly basis, higher gasoline prices in January drove the overall price level higher compared with December. The federal agency said the consumer price index rose 0.5 per cent in January after declining by 0.6 per cent a month prior.
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Canada’s annual inflation rate slowed to 5.9% in JanuaryCanada's annual inflation rate slowed to 5.9 per cent in January, despite grocery prices rising at an even faster pace last month.
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