A survey of economists found January’s numbers will likely be 6.1 per cent higher than at this time last year. That’s down slightly from the 6.3 per cent year-over-year inflation seen in December.
Canada’s annual rate of inflation likely fell slightly in January, most economists believe, as Statistics Canada gets set to release data Tuesday morning.
At 8:30 a.m., Statistics Canada releases the Consumer Price Index for January, and a survey of economists by Bloomberg found it will likely be 6.1 per cent higher than it was at this time last year. That’s down slightly from the 6.3 per cent inflation seen in December. The Bank of Canada has raised interest rates eight straight times as it attempts to get inflation under control.
Inflation has eased somewhat since last June, when it hit a 39-year high of 8.1 per cent. But it’s still well above the Bank of Canada’s target of two per cent per year. And some areas, particularly groceries, continue to far outpace the main “headline” rate of inflation. In December, groceries were 11 per cent more expensive than they were a year earlier.
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