Inflation takes a dip year-over-year, still affecting Airdronians

The inflation rate in Canada saw a small decline last month.

Yesterday, Statistics Canada released the Consumer Price Index for January 2024. According to the index, inflation fell to 2.9 per cent on a year-over-year basis compared to 3.4 per cent in December 2023.

"The largest contributor to headline deceleration was lower year-over-year prices for gasoline," stated in Index. Year-over-year, gas fell a total of 4 per cent.

While gas prices might have dropped around the country, they are on the rise in Airdrie. They have jumped around 10 cents since the beginning of February.

The inflation on food purchased from stores also took a slight dip in prices, dropping to 3.4 per cent in January compared to 4.7 per cent in December.

"The deceleration of grocery prices was broad-based, with products such as meat, other food preparations, dairy products, bakery products and fresh fruit contributing to the slower year-over-year price growth in January."

According to the index, the prices for airfares also declined in January as it dropped 23.7 per cent from December to January.

"Alberta was the only province with faster price growth, partly due to higher electricity prices in January compared with December as the result of a base-year effect. The large monthly decline in January 2023, when many Albertan households received rebates on their electricity bills, is no longer affecting the year-over-year movement," stated the Index.

While inflation is still severely affecting Airdronians and the way they live, many residents are currently looking for second jobs to be able to pay their bills.

Last week, the federal government also announced changes to the Climate Action Incentive Payment that could see more money returned to Airdronians.

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