Canadian Consumer Price Index Increased at a Slower Rate in January

Statistics Canada (StatCan) reported Tuesday (2-21-23) that the Canadian Consumer Price Index (CPI) increased 5.9% year-over-year in January, following a 6.3% increase in December. Prices for passenger vehicles and cellular service contributed to the declaration in the all-item CPI. That was offset by continuing increases in the costs of mortgage interest and the prices for food.

In January, prices rose 4.9% on a year-over-year basis excluding food and energy and 5.4% excluding mortgage interest rate costs. In both cases, year-over-year price growth slowed compared with December.

On a monthly basis, StatCan reported the CPI rose 0.5% in January following in a 0.6% decline in December. Higher gasoline prices contributed the most to the month-over-month increase, followed by a rise in mortgage interest cost and meat prices. On a seasonally adjusted monthly basis, the CPI rose 0.3%.