Inflation down to 2.3 per cent in January

OTTAWA – Statistics Canada says annual inflation edged down one-tenth of a point to 2.3 per cent in January.The agency says energy prices, particularly the cost of gasoline, as well as car insurance, home replacement costs and restaurant meals contributed to keeping inflation above the Bank of Canada’s ideal two-per-cent level. But the central bank’s other key measure — underlying core inflation that excludes volatile items like energy — remained well tethered at 1.4 per cent.

Prices were higher in January in seven of the eight major components tracked by the agency, although such items as women’s clothing, footwear, sports equipment, natural gas and travel tours cost less than a year ago.

On a month-to-month basis, consumer goods were 0.3 per cent more expensive last month than in December, mostly due to higher gasoline prices.

 The Canadian Press

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