The consumer price index rose 5.9 per cent from a year ago, Statistics Canada reported Tuesday in Ottawa, slower than the 6.1 per cent gain expected in a Bloomberg survey of economists and down from 6.3 per cent in December. On a monthly basis, the index rose 0.5 per cent in January, versus expectations of 0.7 per cent.
Governor Tiff Macklem explicitly declared a conditional pause last month, saying policymakers would move to the sidelines and assess the impact of their rapid tightening on the economy. Macklem said he expects growth in output to be near zero in the first three quarters of this year, which will allow the economy to move from excess demand to modest excess supply and “relieve inflationary pressures.
Still, the central bank is likely to keep off the hiking path if price pressures continue to ease. Policymakers said the bar for raising rates is now much higher and that they would need to see an “accumulation of evidence” that price pressures and the economy aren’t cooling fast enough to consider another hike.
Higher prices for gasoline, meat and interest costs are among the biggest contributors to price gains last month. The growth in December adds to a flat reading in November and a 1.3 per cent gain in October, ending last year with relatively strong retail sales.
No it did not cool, have you seen the prices at the grocery stores, gas stations, restaurants and the carbon tax on the utility bills.
Did it slow or is the variance between January 2022 and January 2023 smaller than it was for December 2021 and December 2022?
Hey Bell Media, inflation jumped 0.5% over last month. Get your facts right.
Where?
...But not to anyone that actually shops for groceries!
Inflation is not cool it is red hot and needs to go down down down to 2 or less , be honest and speak the truth Bloomberg
Folks read the headline and think 🤔 We need inflation to be at 2 or less NOT 5.9 A long way to go down from 5.9 to 2