Canadians paid 1.4 percent more for goods and services in January 2019 than a year earlier, kicking off the year with a slowdown in inflation, according to official data (Don Emmert)
Ottawa (AFP) – Canadians paid 1.4 percent more for goods and services in January than a year earlier, kicking off the year with a slowdown in inflation, government data showed Wednesday.
The figure was slightly less than economists had forecast, following a 2.0 percent average price hike in December to close out 2018.
The drop in inflation was led by a 14.2 percent year-over-year decline in gasoline prices amid what Statistics Canada called “an oversupply in the United States.”
Prices for fuel oil and natural gas also fell in the month, the government statistical agency said, along with digital computing services, hotel accommodations and prescription drugs excluding medical marijuana.
The costs of mortgage interest, restaurant meals, insurance premiums for passenger cars and trucks, fresh vegetables and rent, meanwhile, fell in January.
“The only surprise in (the) Canadian CPI in January was that there was no surprise,” CIBC Economics analyst Avery Shenfeld commented in a research note.
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