{"id":7256,"date":"2026-02-17T14:56:50","date_gmt":"2026-02-17T14:56:50","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=7256"},"modified":"2026-04-07T17:12:49","modified_gmt":"2026-04-07T17:12:49","slug":"canadian-cpi-growth-edged-lower-in-january","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/canadian-cpi-growth-edged-lower-in-january\/","title":{"rendered":"Canadian CPI growth edged lower in January"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-7eaae169d0fd8d70e764c1a83c195500\" id=\"h-the-bottom-line\">The Bottom Line<\/h4>\n\n\n\n<p>The tick lower in Canada&#8217;s headline year-over-year rate to 2.3% in January (2.4% in December) was despite tax-related distortions that biased the measure higher with with after-tax prices this year measured against tax exempt prices a year ago during the temporary 2024\/2025 GST\/HST tax holiday.<\/p>\n\n\n\n<p>Excluding the impact of indirect taxes, year-over-year price growth slowed to 2.1%. The Bank of Canada&#8217;s core trim and median measures &#8211; designed to provide a better gauge of underlying price growth and, critically, exclude changes in indirect taxes &#8211; continued to edge lower, dropping to 2.5% on average on a year-over-year basis (2.6% in December) on a smaller than expected 0.1% month-over-month change.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Lower inflation reading leave the BoC with more flexibility to respond to weakening economic conditions with lower interest rates if necessary, although we do not expect as a base-case that additional reductions will be needed. Pockets of price growth are still high (grocery prices in particular.) Year-over-year growth in the trim and median measures have still been above the 2% inflation target for almost five years. And there have been signs that&nbsp;<a href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/early-improvement-in-per-worker-canadian-labour-markets-in-2026\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-DataFlashes-7256-ada9105b\" data-dig-category=\"LP-CanadianAnalysis-DataFlashes\" data-dig-action=\"link click\" data-dig-label=\"(per worker)\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">(per worker)<\/a>&nbsp;labour markets have started to improve at current levels of interest rates.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-jS66p4RAg\" class=\"everviz-jS66p4RAg\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-7a9b53735b758580488902cab99ee6fa\" id=\"h-the-january-details\">The January details:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list mar-l-qtr mob-mar-l-qtr\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Headline CPI growth slowed to 2.3% in January from 2.4% in December &#8211; led by lower energy prices but also relatively broadly based slowing across underlying price components.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The slowing in year-over-year price growth was despite tax distortions that are exaggerating year-over-year increases. The temporary GST\/HST tax holiday a year ago means after-tax prices in January 2026 are being compared to pre-tax prices a year earlier.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The removal of the consumer carbon tax in April is having the opposite effect, lowering observed price growth in energy products.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Excluding indirect taxes price growth slowed to 2.1% year-over-year from 2.5% in December.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The Bank of Canada&#8217;s core trim and median measures both are designed to exclude the impact of indirect taxes and posted a second consecutive very small month-over-month (seasonally adjusted) gain at 0.1% in January. Both measures remained above the BoC&#8217;s 2% inflation target at 2.4% and 2.5%, respectively, but averaged just a 1.2% annualized rate over the last three months.&nbsp;&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Much of the slowing in core measures appears to have come from easing shelter price growth.&nbsp;Home rent price growth slowed to 4.3% and mortgage interest cost growth continued to moderate (1.2% year-over-year versus 1.7% in December) as a wave of mortgage renewals at higher interest rates in 2023 and 2024 continues to ease.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Trim services ex-shelter prices (a measure the BoC has used in the past as a better gauge of domestically generated price growth in Canada) rose 0.2% month-over-month and 3.1% year-over- year (down slightly from 3.2% in December)&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Food price growth remains very high &#8211; GST\/HST tax holiday distortions pushed the price of restaurant meals up to 12.2% from a year ago.&nbsp; Prices at grocery stores also continued to rise sharply, but with year-over-year growth easing to 4.8% after hitting 5.0% in December.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Energy prices fell 10.9% year-over-year, led by a plunge in the price of gasoline, about half of which is due to the removal of the consumer carbon tax in April 2025.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Still the share of the overall consumer price basket seeing unusually high price growth continued to edge lower &#8211; by our count, about 23% of the CPI basket was growing at above a 5% rate over the last three months, down from 28% in December and 30% in November.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69e73add4796d&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69e73add4796d\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"8826\" height=\"10059\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/02\/CPI-table-Feb-2026.png?quality=80\" alt=\"\" class=\"wp-image-7261\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/02\/CPI-table-Feb-2026.png 8826w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/02\/CPI-table-Feb-2026.png?resize=263,300 263w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/02\/CPI-table-Feb-2026.png?resize=768,875 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/02\/CPI-table-Feb-2026.png?resize=898,1024 898w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/02\/CPI-table-Feb-2026.png?resize=1348,1536 1348w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/02\/CPI-table-Feb-2026.png?resize=1797,2048 1797w\" sizes=\"auto, (max-width: 8826px) 100vw, 8826px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center\"><strong>About the author<\/strong><\/p>\n\n\n\n<p><em><em><strong>Nathan Janzen<\/strong>&nbsp;is an Assistant Chief Economist, leading the macroeconomic analysis group. His focus is on analysis and forecasting macroeconomic developments in Canada and the United States.<\/em><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":1133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,93],"tags":[115,65],"rbc_econ_content_type":[],"class_list":["post-7256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-data-flashes","tag-canada","tag-inflation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Canadian CPI growth 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