OTTAWA, Feb. 21 (Xinhua) — Canada’s Consumer Price Index (CPI) rose 5.9 percent year over year in January, following a 6.3 percent increase in December, Statistics Canada announced Tuesday.
Prices rose 4.9 percent on a year-over-year basis excluding food and energy and 5.4 percent excluding mortgage interest cost In January, the national statistical agency said, adding that in both cases, year-over-year price growth slowed compared with December.
On a monthly basis, the CPI rose 0.5 percent in January 2023 following a 0.6 percent decline in December. Higher gasoline prices contributed the most to the month-over-month increase, followed by a rise in mortgage interest cost and meat prices. On a seasonally adjusted monthly basis, the CPI rose 0.3 percent, according to the agency.
Gasoline prices contributed the most to the month-over-month increase in the all-items CPI, rising 4.7 percent in January. The price increase was related to refinery closures in the southwestern United States following winter storm Elliot. On a year-over-year basis, prices for gasoline rose 2.9 percent in January, decelerating slightly from a 3 percent increase in December, Statistics Canada said.Read more: Canada’s CPI rises 5.9% in January [Indo-Asian News]
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