Canada's Inflation Rate Drops to 5.9 Percent

Tuesday, 21 February 2023 11:00

By Linda Morgan

Inflation drops from 6.3 percent in December to 5.9 percent in January

Canada's annual inflation rate continues trending downward, despite rising grocery prices.

Statistics Canada says the rate was at 5.9 percent last month, which is down from 6.3 percent in December.

The agency notes the rate is expected to fall even more in the coming months.

Meanwhile, grocery prices rose fast last month, with prices over 11 percent higher than a year ago.

According to Statistics Canada, the prices for meat, bakery goods and vegetable all rose faster on a year over year basis.

Meanwhile, higher prices at the pump last month helped drive up the consumer price index.

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