Inflation rises again, hitting 2.4 per cent in January: Stats Canada
Posted February 19, 2020 8:16 am.
This article is more than 5 years old.
OTTAWA – Statistics Canada says the annual pace of inflation in Canada jumped to 2.4 per cent to start 2020, fuelled by higher costs at the gas pump and pricey tomatoes.
The move compares with a year-over-year increase of 2.2 per cent in December.
Economists expected a reading of 2.3 per cent for January, according to a poll by financial markets data firm Refinitiv.
Gas prices in January were up 11.2 per cent compared with a year ago as concerns about events in the Middle East boosted oil prices, which dropped later in the month in response to the novel coronavirus outbreak.
Stats Canada said excluding gasoline, the year-over-year inflation rate would have been two per cent in January.
Costs grew for fresh vegetables by five per cent, largely due to a 10.8 per cent jump in the price of tomatoes stemming from inclement weather in growing regions of the United States and Mexico.
