Inflation rate dips to 1% in January on cheaper gasoline

The cost of living increased by 1 per cent in January, a slower pace of increase than we've seen in recent months. (Jacques Boissinot/Canadian Press)

Canada's inflation rate dropped to 1 per cent in January, dragged down by cheaper gasoline.

Statistics Canada said Thursday that the consumer price index dropped from 1.5 per cent the previous month.

The main reason for the slowdown in growth was gasoline prices, which were 27 per cent lower in January than they were in the same month a year earlier.

More to come