The annual rate of inflation in Canada dropped half a percentage point in January thanks largely to lower gas prices and cooling at the grocery store as well.
across the country eased half a percentage point in January thanks largely to lower gas prices, according to Statistics Canada.
Gas prices fell month-to-month for the fifth consecutive month, StatCan says. A pause to the provincial gas tax in Manitoba contributed to the decline. BMO chief economist Doug Porter said in a note to clients on Tuesday morning that a cool start to the year for price hikes can send a vital signal for the rest of 2024.
The Bank of Canada is looking for signs inflation will continue to ease all the way to its two per cent target as it gauges when it might begin discussing cuts to its benchmark interest rate.2 officers, 1 firefighter killed in Minnesota during domestic call. What happened?The soft January inflation print comes after a surprisingly robust jobs report for the same month, which saw the unemployment rate tick down and wage growth remain strong.
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