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Canada’s inflation rate rose to 1.9 per cent in January, Statistics Canada said on Tuesday.
First full month in which GST break was in effect, distorting prices
Canada’s consumer price index rose to 1.9 per cent in January, with higher energy prices putting upward pressure on overall inflation, Statistics Canada said on Tuesday.
The headline number was offset by the federal government’s tax holiday, lowering prices for products to which the GST is usually applied, including restaurant meals and alcohol bought in stores. January marked the first full month that the GST holiday was in effect.
Pump prices rose 8.6 per cent last month compared to a year earlier. With gas excluded, inflation came in at 1.7 per cent.
Grocery inflation fell 0.6 per cent compared to a year earlier, marking the first yearly decline since May 2017, driven by a record decline in the price of food bought at restaurants.
More to come.