CORY REDEKOP
LANGLEY – ‘Data For Business‘ is an effort of the Langley Chamber, in partnership with the Canadian Chamber, to bring our members reports, stats and analysis on economic and business data to help inform business and investment decisions. Read our latest update below:
The Consumer Price Index (CPI) rose 2.9% on a year-over-year basis in January, following a 3.4% gain in December, representing a slowing in the inflation rate due largely to lower gasoline prices, as well as lower food and travel inflation. In BC specifically, the January inflation rate was 3.0%, also down from 3.4% in December.
This marks the first time since June, and only the second time in almost 3 years that this inflation measure has dipped into the 2% to 3% target range for the Bank of Canada when determining interest rates.
Gasoline prices were down 4% in January compared to last year, which is an effect of the bump in prices last January due to winter storms shutting down refineries.
Grocery prices continue to increase, but the speed of that inflation has decreased, with many items seeing slower year-over-year growth, and some items seeing actual price declines compared to last January.
Upward contributors to inflation included mortgage interest cost, rent, electricity, restaurant food, and car insurance.
Read more from Statistics Canada >
Cory Redekop is the CEO of the Greater Langley Chamber of Commerce, Langley’s largest business association representing, connecting and supporting over 1,000 local member businesses.
