Latest Canada inflation rate revealed

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The core inflation measures most closely watched by the Bank also fell faster than economists had anticipated, averaging 3.35% in January compared with analyst expectations of 3.6% for the month and 3.6% in December.

Grocery price growth slowed to 3.4% in January, having hit 4.7% the previous month – but unsurprisingly, mortgage interest costs continued to contribute significantly to the overall inflation figure, jumping by 27.4% on a year-over-year basis.

The cost of rent increased by 7.9% compared with the same time last year, while electricity prices were up 11.1%. Still, the cost of telephone services dipped by 11.9%, gasoline cost 4.0% less in January over the same month in 2023, and natural gas prices were also lower by 16.4%.

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