Canada consumer prices plunged most in three years

The Canadian economy registered its lowest growth of consumer prices in more than three years last month due to a sharp decline in gasoline prices and clothing. According to the Statistic Canada, nation's inflation rose only by 0.5% in the 12 months to January, following a 0.8% gain in December. On a monthly basis, inflation edged up only 0.1%, after a 0.6% drop in the previous month, while below analysts' forecasts of a 0.3% gain. The report also showed a 1.8% decline in gasoline prices and 1.6% drop in clothing and footwear. The Bank of Canada's closely watched core rate, which excludes eight most volatile items, such as energy, tobacco and some food products, slipped to 1.0% from 1.1% in December.