The Consumer Price Index (CPI), released today by Statistics Canada, shows an increase of 2.3% in January compared to the same period last year, following a 2.4% rise in December.
The slowdown in annual headline CPI growth is mainly due to a sharper decline in gasoline prices (-16.7% year over year). Excluding gasoline, the CPI rose by 3.0% in January, the same pace observed in December.
On a monthly basis, the CPI was unchanged in January. On a seasonally adjusted basis, it increased by 0.1%.
On the housing side, the slowdown continues: prices rose by 1.7% year over year, the first time below the 2.0% mark in nearly five years. Rent growth slowed to 4.3%, while the mortgage interest cost index increased by 1.2%, continuing the deceleration that began in 2023.
It should be noted that the next release of the Consumer Price Index, covering the month of February, will take place on Monday, March 16.
