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12-month change:

  1. The Consumer Price Index (CPI) rose 0.5% in the 12 months to January, following a 0.8% increase in December.
  2. The main factor in the smaller increase in the CPI was gasoline prices, which fell 1.8% year-over-year in January after increasing 1.0% in December.
  3. Consumer prices rose in six of the eight major components in the 12 months to January. The exceptions were transportation, and clothing and footwear.
  4. Consumer prices rose in all provinces in the 12 months to January, except in Alberta.

Month-to-month change:

  1. On a seasonally adjusted monthly basis, the CPI decreased 0.1% in January after posting no change in December.
  2. On a monthly basis and before seasonal adjustment, the CPI rose 0.1% in January, after falling 0.6% in December.

Bank of Canada’s Core Index:

  1. The Bank of Canada’s core index rose 1.0% in the 12 months to January, following an increase of 1.1% in December.

Main contributors to the 12-month change in the CPI:

Main upward contributors:

  1. Food purchased from restaurants (+2.0%)
  2. Rent (+1.6%)
  3. Property taxes (+2.8%)
  4. Homeowners’ replacement cost (+2.1%)
  5. Tuition fees (+3.7%)

Main downward contributors:

  1. Mortgage interest cost (-4.2%)
  2. Clothing (-3.1%)
  3. Gasoline (-1.8%)
  4. Purchase of passenger vehicles (-0.8%)
  5. Video equipment (-10.8%)

Main contributors to the monthly change in the CPI, not seasonally adjusted:

Main upward contributors:

  1. Purchase of passenger vehicles (+1.6%)
  2. Natural gas (+4.0%)
  3. Telephone services (+1.5%)
  4. Water (+4.7%)
  5. Fresh vegetables (+3.0%)

Main downward contributors:

  1. Travel tours (-17.6%)
  2. Clothing and footwear (-1.5%)
  3. Mortgage interest cost (-0.6%)
  4. Sporting and athletic equipment (-4.5%)
  5. Fresh fruit (-1.6%)