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Canadian consumer prices up 0.5% in January

Canadian consumer prices rose 0.5% on a seasonally adjusted monthly basis in January, compared to revised 0.1% inflation in December 2017, Statistics Canada reported.

Excluding food and energy, consumer prices went up 0.2% in January, unchanged from the previous month.

In annual terms, inflation came in at 1.7% in January, following a 1.9% increase in the 12 months to December 2017. Excluding energy, consumer prices rose 1.7%.

Consumer prices for transportation increased 3.2% year over year, with gasoline prices climbing 7.8%, while the shelter index rose 1.4%.

Consumer prices for food increased 2.3% year over year, while household operations, furnishings and equipment prices rising 0.8%.

In monthly terms, all eight major components of the consumer price index rose in January.