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Inflation rate rises at faster pace in January year over year than December

Last Updated Feb 17, 2021 at 5:56 am PDT

FILE - Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. THE CANADIAN PRESS/Sean Kilpatrick
Summary

Consumer Price Index rose 1 per cent in January on a year-over-year basis, says Statistics Canada

Statistics Canada largely attributes acceleration in inflation to higher prices for durable goods, rising gas prices

Increase in January year-over-year inflation rate compares with increase of 0.7 per cent in December

OTTAWA – The country’s inflation rate rose 1.0 per cent in January compared with a year ago as the annual pace of inflation picked up, according to Statistics Canada.

The agency largely attributed the acceleration to higher prices for durable goods as well as rising gas prices.

January’s reading compared with a year-over-year increase of 0.7 per cent in December.

Economists on average had expected a year-over-year increase of 0.9 per cent for January, according to financial data firm Refinitiv.

On a seasonally adjusted, monthly basis, the rate of inflation rose 0.4 per cent in January.

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