Inflation ticks down to 2.3% in January amid lower gas prices: StatCan
BNN Bloomberg
Statistics Canada says lower prices at the pump and easing shelter inflation helped rein in the pressure facing consumers in January.
The agency said Tuesday that the annual rate of inflation ticked down to 2.3 per cent last month. Economists had expected inflation to hold steady at 2.4 per cent.
StatCan said gas prices were 16.7 per cent lower year-over-year in January, largely thanks to the end of the consumer carbon price in April.
That decline helped offset food inflation, which accelerated to 7.3 per cent annually in January.
StatCan said a jump of 12.3 per cent in the cost of restaurant meals year-over-year drove the increase.
That surge was mostly tied to the federal government’s “tax holiday” taking full effect a year earlier. January 2025 marked the only full month of Ottawa’s temporary tax reprieve, which removed a portion of the sales tax on dining out and a variety of goods, and annual comparisons are somewhat distorted as a result.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
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Two Canadian cargo ships are stuck in the Persian Gulf and unable to pass through the blocked Strait of Hormuz as the war in Iran continues.
U.S. stocks are sinking Wednesday after another climb for oil prices raised worries about inflation, which may have been primed to worsen even before the war with Iran began.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
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A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.