Canadian inflation rises for seventh consecutive month; 0.3% MOM up to 2.3% YOY

CPI in Canada is coming in at 2.3%, which is about equal to US CPI less the housing component.  Via CanStat:

Consumer prices rose 2.3% in the 12 months to January 2011, following the 2.4% increase posted in December 2010.

Energy prices rose 9.0% during the 12 months to January, following a 10.5% increase in December. Gasoline prices increased 13.0% in January, matching the increase in December. Consumers also paid 6.4% more for electricity in January compared with the same month last year.

Excluding energy, the Consumer Price Index (CPI) rose 1.7% in the 12 months to January, identical to the increase in December.

On a seasonally adjusted monthly basis, consumer prices rose 0.3% from December 2010 to January 2011, the seventh consecutive monthly increase. In addition, the transportation index, which includes gasoline, also increased for the seventh consecutive month, rising 1.1% from December to January. The food index went up 0.5%, matching the increase in December.

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