Canada’s Consumer Price Index for January 2026

January CPI Sees Slower Growth

In January, the Consumer Price Index (CPI) increased by 2.3% compared to the same month last year, slightly less than the 2.4% rise recorded in December. The main factor behind this slowdown was a sharper drop in gasoline prices during January. When gasoline is excluded, the CPI climbed by 3.0% in January, mirroring December’s pace.

Certain indexes, still affected by the temporary GST/HST reduction in January 2025, continued to drive the overall annual CPI higher in January 2026. Among these, the CPI was especially influenced by faster increases in specific categories.