Food prices rise by 11.4 per cent year over year (The Canadian Press image)

By The Canadian Press

Food and gasoline cost more in January

Canada’s annual inflation rate slowed to 5.9% in January

Feb 21, 2023 | 7:00 AM

OTTAWA – Canada’s annual inflation rate slowed to 5.9 per cent in January, despite grocery prices rising at an even faster pace last month.

Statistics Canada says headline inflation slowed from 6.3 per cent in December, with the deceleration reflecting a smaller month-to-month increase in prices in January 2023 compared with January 2022.

Given much of the acceleration in inflation happened in the first half of 2022, the federal agency says headline inflation will continue to slow because of base-year effects.

Meanwhile, grocery prices rose faster last month, with prices up 11.4 per cent compared with a year ago.

Statistics Canada says prices for meat, bakery goods and vegetables all rose faster on a year-over-year basis.

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On a month-over-month basis, higher gas prices at the pump in January drove up the consumer price index compared with December.

(The Canadian Press)