B.C. consumer price inflation fell in January to 2.2 per cent year over year, down from 2.6 per cent in the prior month, as the GST-tax holiday benefited households. Core inflation, which excludes food and energy, also fell from 3.2 per cent to 2.3 per cent.

Elevated shelter prices continued to keep headline inflation elevated. Year-over-year shelter prices rose by 4.1 per cent. Transportation prices increased by 4.5 per cent, up from 2.1 per cent. Gasoline prices were up 8.7 per cent, which is the first time that the year-over-year price has increased since May 2024. Energy prices matched that growth, up 8.9 per cent.

Food prices increased marginally, rising 0.3 per cent year over year. Ottawa’s temporary GST break contributed to the significant deceleration in price growth, benefiting restaurant meals. It also supported alcoholic beverage, tobacco product and recreational cannabis prices, which rose by just 0.1 per cent.

Overall goods prices still rose by 1.5 per cent, and the cost of........

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