Canada's consumer inflation eases to 5.9% in January

By Ovunc Kutlu

ISTANBUL (AA) - Canada's annual consumer inflation rose 5.9% in January, easing from the annual gain seen in the previous month, the country’s statistical authority said on Tuesday.

While the figure came lower than the market expectation of 6.1%, it is a slowdown from the 6.3% year-on-year gain in December.

Annual consumer inflation has also significantly slowed its pace since the 8.1% gain in June, which was the highest in 39 years.

Excluding food and energy, consumer prices rose 4.9% on a yearly basis in January, following a gain of 5.3% in December, Statistics Canada said in a statement.

On a monthly basis, the consumer price index rose 0.5% in January, following a 0.6% decline in December. The market expectation for the index was to show a 0.7% monthly increase.

"Higher gasoline prices contributed the most to the month-over-month increase, followed by a rise in mortgage interest cost and meat prices," the statement said.