Canada's Inflation Cools to 2.3% in January

The Consumer Price Index (CPI) rose 2.3% on a year-over-year basis in January, following a 2.4% increase in December. This slowdown was largely led by a bigger decline in gasoline prices, which fell 16.7% year-over-year in January, compared to a 13.8% decline in December. Excluding gasoline, CPI which rose 3.0% in January, matching December's increase. Shelter costs continued to grow at a slower pace, rising 1.7%, the slowest rate in nearly five years. Prices for food purchased from restaurants (+12.3%) and cellular services (+4.9%) also impacted the CPI. Fresh fruit prices declined 3.1% year-over-year, contributing to slower food price growth.