Inflation rate picked up in January, CPI report shows. Here's what it means for your money.
On a monthly basis, the CPI rose 0.5%, versus economists' forecast for a 0.3% increase, according to FactSet. That's the biggest monthly jump since August 2023. It may be due to price increases set at the start of the year by many businesses, noted Bright MLS chief economist Lisa Sturtevant in an email.
January's Consumer Price Index will serve as the latest test of whether inflation pressures have eased further.
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Canadian Consumer Price Index sees modest rise in January, driven by energy costs: Statistics Canada
The food component of the CPI dropped by 0.6% in January, marking the first annual decline since May 2017, says Statistics Canada.
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