📉Canada's annual inflation rate dropped to 2.9% in January from 3.4% in December.
💰Lower year-over-year prices for gasoline contributed to the decrease in inflation.
📊Three provinces have inflation rates below 2%, while eight provinces have inflation at or below 3%.
🔍Inflation in Ontario is now at 2.7%.
🔒Monetary policy is working as intended in controlling inflation.
What caused the drop in Canada's inflation rate?
—Lower year-over-year prices for gasoline contributed to the decrease in inflation.
Which provinces have inflation rates below 2%?
—Three provinces have inflation rates below 2%.
What is the current inflation rate in Ontario?
—Inflation in Ontario is currently at 2.7%.
Is the Bank of Canada planning to cut rates?
—The drop in inflation has raised expectations that the Bank of Canada could start cutting benchmark rates in the coming months.
Is monetary policy effective in controlling inflation?
—Yes, monetary policy is working as intended in controlling inflation.
00:00Canada's annual inflation rate fell below 3% in January from 3.4% in December.
00:08Lower year-over-year prices for gasoline contributed to the decrease in inflation.
01:10Three provinces have inflation rates below 2%, while eight provinces have inflation at or below 3%.
01:31Inflation in Ontario is now at 2.7%.
05:21The drop in inflation has raised expectations that the Bank of Canada could start cutting benchmark rates in the coming months.
06:41Monetary policy is working as intended in controlling inflation.
08:47The Bank of Canada may potentially start cutting rates in April or June.
