Canada's Inflation Rate Eases to 5.9% in January Amid 'Positive' Trend for Prices, Lowest Since February 2022

Tuesday, February 21, 2023

Vancouver, BC, February 21, 2023--Canada's annual inflation rate dipped below 6 per cent for the first time since early in 2022, helped by favourable base effects and lower prices for smartphone bills and vehicles.

The Consumer Price Index rose 5.9 per cent in January from a year earlier, down from a 6.3-per-cent pace in December, Statistics Canada said Tuesday in a report. Financial analysts were expecting an inflation rate of 6.1 per cent.

It was the lowest reading since February, 2022.

On a month-over-month basis, consumer prices rose 0.5 per cent.