The move compared with a year-over-year increase of 2.2 per cent in December, and topped the 2.3 per cent economists predicted for January in a poll by financial markets data firm Refinitiv.
But by the end of January, prices dropped over concerns of the novel coronavirus outbreak and economists said that the effect of gas prices should dissipate. "I think they're a bit concerned that with slower growth more recently, inflation won't stay on target," said Josh Nye, a senior economist with RBC Economics.
"Despite the acceleration in headline inflation, underlying price pressures appear to be losing some momentum," Royce Mendes, a senior economist at CIBC, wrote in a note.
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