OTTAWA, Feb. 20 (Xinhua) -- Canada's Consumer Price Index (CPI) rose 2.9 percent on a year-over-year basis in January, following a 3.4 percent gain in December, Statistics Canada said Tuesday.
According to the national statistical agency, the largest contributor to headline deceleration was lower year-over-year prices for gasoline in January. Excluding gasoline, headline CPI slowed to 3.2 percent year over year in January, down from the 3.5 percent growth in December.
Price growth for food purchased from stores slowed year over year in January, putting downward pressure on the all-items CPI. Lower prices for airfares and travel tours also contributed to the headline deceleration, the agency said.
On a monthly basis, the CPI was unchanged in January, following a 0.3 percent decline in December. On a seasonally adjusted monthly basis, the CPI fell 0.1 percent in January, the first decline since May 2020, Statistics Canada said.
