Inflation in Canada slowed to 1.4% in January

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Annual inflation in Canada slowed down in January to 1.4% from 2% in December, official statistics showed. Economists had expected a less significant slowdown - up to 1.5%. A significant backlog of inflation from the Bank of Canada's target of 2% suggests that the regulator will not rush to raise interest rates in the near future. The largest decline in January was shown by electricity prices, which fell by 6.9% in annual terms. Such a significant drop was caused by a 14.2% decrease in the cost of gasoline. Services rose in price by 2.7% after a fall in their value by 3.5% in December. Compared to December, consumer prices in Canada increased by 0.1% in January, while economists had expected the growth at the level of 0.2%.

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