Canada inflation drops to 2.9% in January

Canada’s headline CPI rose 2.9% in January, hitting Bank of Canada’s inflation-control target range of 1% – 3% for the first time since March 2021.

Still, the Canadian central bank’s preferred core inflation measures CPI-trim and CPI-median still rose 3.4% and 3.3%, respectively, though the disinflation trend continues.