Statistics Canada set to release January inflation figures today

By Canadian Press on February 18, 2025.

OTTAWA — Statistics Canada is expected to release its January consumer price index report this morning.

Economists polled by Reuters expect the annual inflation rate for January to tick up to 1.9 per cent, according to LSEG Data & Analytics.

Inflation has moderated significantly from recent highs, stabilizing around the Bank of Canada’s two per cent target.

StatCan reported last month that Canada’s inflation rate fell to 1.8 per cent in December, thanks in large part to the federal government’s temporary two-month tax break.

The agency noted that without the tax break, which came to an end this past weekend, the annual inflation rate for December would have risen to 2.3 per cent.

Late last month, the Bank of Canada delivered its sixth straight interest rate cut, reducing its policy rate by a quarter-percentage point to three per cent.

This report by The Canadian Press was first published Feb. 18, 2025.

The Canadian Press