Canada’s Consumer Price Index (CPI) rose 1.9% year over year in January, up from 1.8% in December. Excluding gasoline, the CPI increased 1.7%. Higher energy and shelter costs drove the rise, while food prices fell 0.6%. Restaurant food prices dropped 5.1%, the largest annual decline on record. Monthly CPI increased 0.1% in January after a 0.4% drop in December, according to the latest data.

Shelter costs rose 4.5% year over year and 0.3% from December to January. Energy prices increased 5.3% annually, with gasoline up 8.6%. Manitoba saw the largest gasoline price jump at 25.9% due to the return of a provincial gas tax. Natural gas prices climbed 4.8% after falling 5.5% in December.

Passenger vehicle prices rose 0.4% year over year, the first increase in eight months. New vehicle prices increased 2.3%, while used vehicle prices declined 3.4%.

Alcoholic beverage prices dropped 3.6% in January, following a 1.3% decrease in December. Prices for toys, games (excluding video games), and hobby supplies fell 6.8% year over year.