Canada’s annual inflation rate in January \u2060accelerated at a slower pace than the previous month as a big drop in gasoline prices helped cushion the impact of higher food and clothing prices, Statistics Canada said today.<\/p>\n
The consumer price index rose 2.3% in January compared with 2.4% in December, beating an analysts’ poll which pegged the January’s expected rise in consumer prices at 2.4%.<\/p>\n
On a monthly basis, the CPI was unchanged from the prior month, data showed.<\/p>\n
The gasoline price index was the largest contributor to the deceleration in headline inflation, StatsCan said, as the yearly decline in \u200cgasoline prices have been huge.<\/p>\n
Prices \u2060at petrol pumps fell on an average 16.7% in January, after a decline of 13.8% in December. But, excluding gasoline, the CPI rose 3% in January, matching the increase in December, the statistics agency said.<\/p>\n
A sales tax break during the same period last year created an opposite base effect for some products such as food, alcohol and clothing. \u200cThis pushed up the prices last month when compared with the same time a year ago.<\/p>\n
Food prices rose 7.3%, largely based on food from restaurants, \u2060and the category containing primarily alcoholic beverages rose 4.8% in January.<\/p>\n
Due to the choppy impacts \u200cof sales tax break, economist susually focus on core inflation to ascertain actual rise \u2060in consumer prices.<\/p>\n
Excluding food \u200cand energy, the CPI rose 2.4% year over year in January, following a 2.5% increase in December, the agency said.<\/p>\n
The Bank of Canada’s preferred core measures of inflation continued to ease.<\/p>\n
CPI-median, or the price change of centremost component of the CPI \u2060basket when arranged in order of increasing prices, was 2.5% compared with 2.6% previously, while CPI-trim, which excludes \u2060the most extreme price changes, was 2.4%, down from 2.7% in December, StatsCan said.<\/p>\n
Shelter costs, which account for the biggest weight in the CPI basket, continued to rise at a slower pace and rose 1.7% last month from a year earlier.<\/p>\n
The January data come as the Bank of Canada has indicated that it considers inflation to be stable and around the mid-point of its target range. This \u200chas helped the central bank to pause rate cuts at 2.25%.<\/p>\n","protected":false},"excerpt":{"rendered":"Canada’s annual inflation rate in January \u2060accelerated at a slower pace than the previous month as a big…\n","protected":false},"author":2,"featured_media":145150,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-303397","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/303397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=303397"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/303397\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/145150"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=303397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=303397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=303397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}