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Inflation Rate Tops 5% in January in Canada

If it seems like everything from gasoline to groceries is costing you more these days, it is because it is.

Inflation topped 5% in Canada for the first time in over 30 years.

The annual rate of inflation data was released this mornig and it hit 5.1% in January. The massive jump is related to a number of factors and price increases. The biggest items seeing an increase include gasoline, groceries and housing. 

The Bank of Canada is expected to implement several rate hikes this year, to help cool inflation. The first rate announcement is scheduled for two weeks from today. 
 

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