Statistics Canada announced that the country's annual inflation rate decreased to 2.9 percent last month. This decrease occurs after this figure reached 3.4 percent in December. According to the Consumer Price Index report, the biggest factor in the decrease in the inflation rate is the decrease in gasoline prices compared to last year.

Food price growth has also decreased significantly, so that its value was 3.4% in January and 4.7% in December. The Bank of Canada's core measures of inflation were also cut last month.

news source