Canada's annual rate of inflation ticked higher in January, amid rising prices at the gas pump, according to figures released by Statistics Canada Friday morning.The agency said consumer prices rose 2.5 percent in January compared the same month a year ago. Economists expected January's increase to match the 2.3 percent annual rise seen in December.
On a monthly basis, consumer prices were up 0.5 in January compared to December. Food prices rose 4.2 percent on a year-over-year basis in January following a 4.4 percent increase in December.