The Index of Consumer Spending averaged 96.1 points in January, an 18.2 per cent drop from December. This decline in spending is not unexpected as consumers typically pull back spending after the holiday season.
Which province or territory had the highest—or the smallest—decline in spending? What was the percentage of inflation in January 2024 compared with just a month earlier in December 2023? When will the first cut to the overnight interest rate occur? And how much will the cuts be throughout the rest of 2024 and into 2025?
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