Breaking: Canada’s inflation falls to 5.9% in January
Canada’s annual rate of inflation fell in January but food prices kept on soaring, Statistics Canada announced Tuesday morning.
The Consumer Price Index — a broad-based basket of goods and services used to measure inflation — was 5.9 per cent higher than it was at this time last year. That’s down from the 6.3 per cent inflation seen in December, and lower than the 6.1 per cent most economists surveyed by Bloomberg had expected.
But food prices continue to surge far past the “headline” inflation rate, rising by 10.4 per cent. Meat prices rose by 7.4 per cent, their highest increase since 2004, while baked goods , dairy products and fresh vegetables saw double digit increases. The Bank of Canada has raised interest rates eight straight times as it attempts to get inflation under control.
Inflation has eased somewhat since last June, when it hit a 39-year high of 8.1 per cent. But it’s still well above the Bank of Canada’s target of two per cent per year.
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