Canada’s inflation rate fell to 2.9% in January. Here’s what happens next

Canada’s inflation rate fell to a surprising degree in January and returned to the Bank of Canada’s target range, highlighted by a moderation at the supermarket.

The Consumer Price Index rose 2.9 per cent in January on an annual basis, down from 3.4 per cent in December, Statistics Canada said Tuesday in a report. Analysts were expecting a slight easing to 3.3 per cent.