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12-month change:

  1. The Consumer Price Index (CPI) rose 1.0% in the 12 months to January, following a 1.5% increase in December.
  2. The slower year-over-year rise in the CPI was mostly attributable to gasoline prices, which dropped 26.9% in the 12 months to January, after declining 16.6% in December.
  3. Prices rose on a year-over-year basis in seven of the eight major components in January. Higher prices for food led the rise in the CPI, followed by increased shelter costs. The transportation index, which includes gasoline, declined on a year-over-year basis for the third consecutive month.
  4. Consumer prices in the Atlantic provinces fell in the 12 months to January. In the other provinces, consumer prices rose at slower year-over-year rates in January compared with December.
  5. In all provinces, gasoline prices fell more on a year-over-year basis in January than in the previous month.

Month-to-month change:

  1. On a seasonally adjusted monthly basis, the CPI decreased 0.2% in January, matching the declines in December and November.
  2. On a monthly basis and before seasonal adjustment, the CPI declined 0.2% in January. This decline followed a 0.7% decrease in December.

Bank of Canada’s core index:

  1. The Bank of Canada’s core index rose 2.2% in the 12 months to January, matching the increase in December.

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

Main upward contributors:

  1. Meat (+13.8%)
  2. Telephone services (+6.7%)
  3. Natural gas (+13.9%)
  4. Food purchased from restaurants (+2.8%)
  5. Cigarettes (+12.0%)

Main downward contributors:

  1. Gasoline (-26.9%)
  2. Fuel oil (-21.1%)
  3. Travel tours (-3.8%)
  4. Mortgage interest cost (-0.8%)
  5. Video equipment (-6.8%)

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

Main upward contributors:

  1. Fresh fruit (+6.6%)
  2. Fresh vegetables (+5.2%)
  3. Purchase of passenger vehicles (+0.6%)
  4. Men’s clothing (+2.2%)
  5. Non-alcoholic beverages (+5.5%)

Main downward contributors:

  1. Gasoline (-12.4%)
  2. Travel tours (-6.5%)
  3. Women’s clothing (-2.5%)
  4. Fuel oil (-8.8%)
  5. Bakery products (-1.8%)
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