Statistics Canada Reports Drop in Inflation

Tuesday, 17 January 2023 10:46

By Linda Morgan

Decrease fueled by 13.1 percent drop in gas prices

Canada's annual inflation rate slowed down last month but grocery prices remain high.

According to Statistics Canada, the inflation rate dropped to 6.3 percent last month.

This is due in large part to lower gas prices.

However, grocery prices were up 11 percent on an annual basis.

There were also increases in mortgage interest costs, clothing, and other personal care supplies.

The agency says the average inflation rate last year was 6.8 percent.

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