Canada’s Consumer Price Index (CPI) rose by approximately 2.3% year-on-year in January, according to figures released moments ago, compared to 2.4% in December. The core CPI, which excludes gasoline prices, rose to 3% year-on-year, unchanged from December.

On a monthly basis, the index showed no change in January after falling by 0.2% in December, while expectations were for a 0.1% increase.

The biggest contributor to the slowdown in inflation in January was a 16.7% year-on-year decrease in gasoline prices, following a 13.8% drop in December. Prices also rose in the restaurant and café sector, with food purchased from restaurants increasing by 12.3% from 8.5% in December. Food prices rose by 4.8%, and alcoholic beverage prices increased by 7.9%.