While inflation inched up, Canadian food prices fell in January for the first time since 2017, according to the latest data from Statistics Canada.
The Consumer Price Index (CPI) rose 1.9 percent year over year in January, StatCan said on Feb. 18. In December, the CPI saw a 1.8 percent increase.
Despite the increase, the CPI remains below the Bank of Canada’s target inflation rate of 2 percent.
While inflation was going up, food prices came down by 0.6 percent in January, according to StatCan numbers. It’s the first time the cost of food has fallen since May 2017, the agency said.
The decrease follows a 0.6 percent increase in food prices that StatCan reported in December 2024….