13.46°C Vancouver

Feb 18, 2025 5:19 PM - The Canadian Press

Canada's Annual Inflation Rate Rises in January: Statistics Canada

Share On
statistics-canada-set-to-release-january-inflation-figures-today
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.(Photo: The Canadian Press)

Canada's inflation rate has risen. According to a report released by Statistics Canada on Tuesday, the country's annual inflation rate reached 1.9 percent in January, marking the first full month in which the GST exemption was in effect. In comparison, the annual inflation rate was 1.8 percent in December.

It is worth noting that this slight increase in inflation comes at a time when the threat of President Trump's tariffs on Canada looms. Following the latest inflation report, the currency market is pricing in a 44 percent chance of a 25-basis-point rate cut on March 12. However, if President Donald Trump decides to impose tariffs on Canadian imports starting in early March, market estimates may shift accordingly.

It is also worth mentioning that the Bank of Canada has cut interest rates six times in a row so far. In its most recent meeting on January 29, the central bank lowered rates by 25 basis points, and Governor Tiff Macklem warned that a tariff war could significantly harm the Canadian economy and lead to higher inflation.

Latest news

trump-hits-canadian-lumber-producers-with-additional-10-per-cent-tariff
WorldOct 01, 2025

Trump hits Canadian lumber producers with additional 10 per cent tariff

U.S. President Donald Trump has issued new tariffs that could add further pressure on Canadian producers of softwood lumber and furniture. A presidential proclamation on Monday evening set out a 10 per cent duty on imports of softwood timber and lumber, along with a 25 per cent levy on imports of kitchen cabinets and vanities — both parts and completed models — and other upholstered wooden products. The tariffs are scheduled to take effect Oct. 14. The rate applied to kitchen cabinets and vanities is set to jump to 50 per cent on Jan. 1, with the levy on other upholstered wooden products r
AlbertaOct 01, 2025

Family of Alberta boy missing for a week won't stop searching until he's found

The family of a six-year-old Alberta boy missing for more than a week says they won't rest until he's brought home. A statement by the family of Darius Macdougall comes as the search for the boy enters its second week and hundreds comb through mountainous terrain in southern Alberta. It says the family is thankful to the searchers for their dedication and that the community's support has provided them strength and hope. Darius was reported missing after he didn't return from a walk with six young relatives in the Crowsnest Pass area, where the family had been camping. RCMP had
AlbertaOct 01, 2025

No talks planned as 51,000 Alberta teachers set to hit picket lines next week

The head of the Alberta Teachers' Association says no talks are scheduled and 51,000 teachers are set to hit picket lines Monday in a provincewide strike. Jason Schilling says teachers sent a clear message Monday night by overwhelming rejecting the latest contract offer from Premier Danielle Smith's government. Schilling, in an interview on Corus radio, says the government's offer of a 12-per-cent pay raise over four years and a promise to hire 3,000 more teachers is a drop in the bucket compared to what's needed to catch up on wages and reduce overcrowded classrooms. He says th
anand-taking-two-different-approaches-to-building-bridges-with-china-india
CanadaOct 01, 2025

Anand taking two different approaches to building 'bridges' with China, India

Foreign Affairs Minister Anita Anand is off to India and China in the coming weeks, where she plans to take two distinct approaches to mending frayed ties with the world's two most populous countries. "I do not think it is wise to group countries in one region of the world together, and certainly not those two countries," Anand told The Canadian Press. "Our relationship with each of these countries is separate and we are approaching them very differently." Anand spoke Monday after the United Nations General Assembly's high-level week in New York, where she spent several days meeting with forei
rescuers-in-desperate-search-after-a-powerful-earthquake-hit-the-philippines-killing-at-least-69
WorldOct 01, 2025

Rescuers in desperate search after a powerful earthquake hit the Philippines, killing at least 69

Rescuers are using backhoes and sniffer dogs to look for survivors in collapsed houses and other damaged buildings in the central Philippines, a day after an earthquake killed at least 69 people. Officials say the death toll is expected to rise from the magnitude 6.9 earthquake that hit at about 10 p.m. Tuesday. The quake trapped an unspecified number of residents in the hard-hit city of Bogo and outlying rural towns in Cebu province. Army troops, police and civilian volunteers were deployed Wednesday to carry out house-to-house searches. Officials say tntermittment rain and damaged bridges

Related News