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12-month change:

1. The Consumer Price Index (CPI) rose 2.0% in the 12 months to January, after increasing 1.6% in December.
2. In January, gasoline prices were up on a year-over-year basis for the first time since October 2014; this occured despite a monthly decline of 6.0%. The upward contribution of gasoline to the change in the CPI closed the gap between the All-items CPI and the All-items CPI excluding gasoline.
3. Prices rose in seven of the eight major components on a year-over-year basis in January, with the food and transportation indexes contributing the most to the rise in the CPI. The clothing and footwear index was the only major component to decline on a year-over-year basis in January.
4. In all provinces, consumer prices rose more in January compared with December on a year-over-year basis, with Newfoundland and Labrador, as well as New Brunswick, posting the largest gains. The acceleration in the year-over-year increase in consumer prices was led by the gasoline index in nine provinces, with the exception being British Columbia.

Month-to-month change:

1. On a seasonally adjusted monthly basis, the CPI rose 0.2% in January, following a 0.1% increase in December.
2. On a monthly basis and before seasonal adjustment, the CPI increased 0.2% in January, after decreasing 0.5% in December.

Bank of Canada’s core index:

1. The Bank of Canada’s core index rose 2.0% in the 12 months to January, following a 1.9% increase in December.