Inflation Slows to 1.4% in January
CBJ — Inflation decelerated to 1.4% in January with lower prices at the gas pumps regarded as the main reason.
Figures released by Statistics Canada show year-over-year growth in consumer prices slowed following the 2% reading for December.
Canadians paid just over 14% less last month for gasoline compared with a year earlier, about 9% less for computer devices and 3% less for traveller accommodation. The report also said prices for fuel oil fell by more than 3% and natural gas dropped 2.3%.
Excluding gasoline, the agency said inflation was 2.1% last month.
The Bank of Canada has been expecting inflation to edge down below its ideal two per cent target and to stay there throughout 2019, mostly because of lower gas prices.
Individual provincial figures (previous month in brackets):
- Newfoundland and Labrador: 0.1 per cent (0.5)
- Prince Edward Island: 0.4 (1.3)
- Nova Scotia: 1.1 (1.6)
- New Brunswick: 1.1 (0.9)
- Quebec: 1.0 (1.1)
- Ontario: 1.5 (2.3)
- Manitoba: 1.4 (2.1)
- Saskatchewan: 0.7 (1.1)
- Alberta: 1.2 (2.1)
- British Columbia: 2.4 (3.0)