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Canada's Annual Inflation Rate Rises in January: Statistics Canada
BY The Canadian Press, Feb 18, 2025 5:19 PM - REPORT AN ERROR
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.
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