Canada's inflation drops below 6% for 1st time in almost a year

Canada's annual inflation rate continued to ease in January, dropping below six per cent for the first time in nearly a year, which has economists saying there's a reason for optimism.

The drop is likely going to mean good news for interest rates, but it doesn't mean Canadians are going to stop having to dig into their wallets just yet.

Sitting now at 5.9 per cent, the number is lower than many economists were expecting and is a sign that things are going in the right direction. But as Anne Gaviola explains, costs remain sky-high for many Canadians and relief may be further away than originally thought.

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