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Canada Consumer Price Index, January 2026
The Consumer Price Index (CPI) rose 2.3% on a year-over-year basis in January, following a 2.4% increase in December. The gasoline price index was the largest contributor to deceleration in headline inflation, with a larger decline in January compared with December. Excluding gasoline, the CPI rose 3.0% in January, matching the increase in December. Indexes with year-over-year movements impacted by the temporary GST/HST break in January 2025 continued to put upward pressure on the year-over-year all-items increase in January 2026. Of the affected indexes, the CPI continued to be most impacted by acceleration in ... (full story)
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Inflation in Canada slowed unexpectedly in January to 2.3%, with core measures softening
Canada’s annual inflation rate slowed to 2.3 per cent in January, according to Statistics Canada data published Tuesday. Economists had expected the Consumer Price Index (CPI) to remain steady at 2.4 per cent, according to consensus estimates from BMO Economics. Prices for many items were lower a year ago because of lower taxes during the government GST/HST holiday, a difference that largely accounted for annual inflation rising in December 2025. That same factor means data for January and the next few months “is expected to remain noisy,” Benjamin Reitzes, an economist at BMO, said in a note published Friday. ... (full story)
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