Posted AT 10:09 AM EST on 19/02/08
Inflation rate hits five-month low
Canada's inflation rate eased to a five-month low last month as the effect of a federal goods and services tax cut took effect and car prices cooled, clearing the way for deeper interest-rate cuts if needed.
The consumer price index rose at an annual 2.2-per-cent pace in January from 2.4 per cent a month earlier, Statistics Canada said Tuesday. Core prices, used by the Bank of Canada as a more stable indicator, rose 1.4 per cent, the slowest pace in two-and-a-half years.
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