Shelter costs – the average monthly total of expenses paid by households that own or rent their dwelling – were up 6.2% over last year, setting the quickest pace for 32 years.

“Higher prices for new homes contribute to higher costs associated with the upkeep of a property, or the homeowners’ replacement cost,” the body said. “Higher home prices also tend to raise other owned accommodation expenses.”

The owned accommodation index, measuring the continuing costs of home ownership, had seen a 6.1% increase over January 2020.

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The price of gasoline, meanwhile, increased by nearly 32% in January compared with the same month last year, StatCan said. The annual rate of inflation would have totalled 4.3% if gasoline prices were excluded.