Inflation Cools in January: StatsCan

Statistics Canada reported Friday that the consumer price index (CPI) rose 1.7% year-over-year in January, a slight cooling from the 1.9% annual increase seen in December.

On a one-month basis, prices in January were up by 0.7% from December.

Both the one-year and monthly inflation figures for January topped economist expectations.

Looking at the one-year change in prices, the agency said consumers paid 3.2% more for transportation in January, following a 4.9% jump increase in December. The year-over-year change in prices for passenger vehicles and gasoline moderated in January compared to December.

The agency also said food prices were 2.3% higher in January on a year-over-year basis, after rising 2% in December. The gain marked the largest year-over-year movement in the food price index since April 2016, and was propelled by higher prices for food purchased from restaurants.