Headline inflation of 2.3% came in lighter than expectations, declining from December’s 2.4% print…

… on the back of deflation in transportation (lower gasoline prices) and a slowdown in shelter inflation…

… which fell below 2% for the first time in five years. It’s been a long time coming, with inflation in rent and mortgage interest compressing over the past two years…

… which should continue to offset the short-term surge in food inflation driven by Trudeau’s prior year tax holiday.