Canada’s Inflation Rate Tumbled to 2.9% in January, Grocery Prices Rise More Slowly

A shopper browses in an aisle at a grocery store In Toronto on Feb. 2, 2024. The Canadian Press/Cole Burston

Canada’s annual inflation rate fell to 2.9 percent last month, marking a sharper deceleration in price growth than expected by forecasters.

Statistics Canada’s consumer price index report released on Feb. 20 says the largest contributor to the decline was lower gasoline prices on a year-over-year basis.