Canada's Inflation Rate Drops to 5.9 Percent

Tuesday, 21 February 2023 11:00

By Linda Morgan

Inflation drops from 6.3 percent in December to 5.9 percent in January

Canada's annual inflation rate continues trending downward, despite rising grocery prices.

Statistics Canada says the rate was at 5.9 percent last month, which is down from 6.3 percent in December.

The agency notes the rate is expected to fall even more in the coming months.

Meanwhile, grocery prices rose fast last month, with prices over 11 percent higher than a year ago.

According to Statistics Canada, the prices for meat, bakery goods and vegetable all rose faster on a year over year basis.

Meanwhile, higher prices at the pump last month helped drive up the consumer price index.

More from Local News

Niagara Falls Needs Evacuee Help

Former CAO says it's not right that Niagara Falls is doing most of the work, adding evacuees may look homeless, but they're not
NRP Anticipating Another Budget Increase

The force expecting the budget to go up almost 15% for 2027
Police Find Missing Senior

Antoinette Fryns is safe now
Cyclist Killed in Niagara on the Lake

Police have charged a 22-year old man with impaired driving causing death
Province Investing Against Invasive Species

The $2-million will help the Niagara region
Niagara Driver Charged with Drug Impairment

OPP say this happened on Highway 17, when a car was seen weaving all over the road
Welland Man Arrested for Child Porn

Police say they noticed child sexual abuse material shared on a social media page early this month
28 More Doctors Hired in Niagara

The region and Niagara Health coordinating new partnership to find even more doctors