CBJ — The inflation rate spiked by 2.4% last month, a bit outside the upper comfort zone of the Bank of Canada.  The upsurge was primarily due to higher costs for gasoline, clothing and some vegetables, including tomatoes.

The reason for the gas price hike was due to concerns coming out of the Middle East, which saw prices up 12% compared to January, 2019.

January 2020 inflation (December 2019 rate in parenthesis):

• Newfoundland and Labrador: 2.2% (2.0%)
• Prince Edward Island: 3.0% (2.3)%
• Nova Scotia: 2.6% (2.2%)
• New Brunswick: 2.5% (2.3%)
• Quebec: 2.7% (2.7%)
• Ontario: 2.1% (2.1%)
• Manitoba: 2.5% (2.3%)
• Saskatchewan: 2.3% (1.6%)
• Alberta: 3.0% (2.3%)
• British Columbia: 2.3% (2.1%)

@CanBizJournal