Ottawa, Feb 22 (IANS): Canada's Consumer Price Index (CPI) rose 5.9 per cent year-over-year in January, following a 6.3 per cent increase in December, Statistics Canada announced.

Prices rose 4.9 per cent on a year-over-year basis excluding food and energy and 5.4 per cent excluding mortgage interest cost In January, the national statistical agency said on Tuesday, adding that in both cases, year-over-year price growth slowed compared with December, Xinhua news agency reported.

On a monthly basis, the CPI rose 0.5 per cent in January 2023 following a 0.6 per cent decline in December. Higher gasoline prices contributed the most to the month-over-month increase, followed by a rise in mortgage interest cost and meat prices. On a seasonally adjusted monthly basis, the CPI rose 0.3 per cent, according to the agency.

Gasoline prices contributed the most to the month-over-month increase in the all-items CPI, rising 4.7 per cent in January. The price increase was related to refinery closures in the southwestern US following winter storm Elliot. On a year-over-year basis, prices for gasoline rose 2.9 per cent in January, decelerating slightly from a 3 per cent increase in December, Statistics Canada said.