Canadian Consumer Price Index Rises 2.3% Year-Over-Year in January
Consumer Price Index, January 2026
On Tuesday, Statistics Canada (StatCan) reported that the Canadian Consumer Price Index (CPI) rose 2.3% year-over-year in January, compared with a 2.4% increase in December 2025.
On a month-over-month basis, the CPI was unchanged in January. Seasonally adjusted, the index rose 0.1%.
The gasoline price index was the largest contributor to the deceleration in headline inflation, with a larger decline in January compared with December.
StatCan also reported that indexes with year-over-year movements impacted by the temporary GST/HST break in January 2025 continued to put upward pressure on the all-items increase in January. Among the affected components, prices for restaurant meals showed the most notable acceleration, with additional upward pressure from alcoholic beverages, toys, and children’s clothing.
Excluding food and energy, the CPI rose 2.4% year-over-year in January, following a 2.5% increase in December.
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