Statistics Canada released consumer price inflation data on Thursday. Canadian consumer price inflation decreased 0.2% in January, beating expectations for a 0.3% decline, after a 0.7% drop in December.

On a yearly basis, the consumer price index fell to 1.0% January from 1.5% in December. That was the lowest level since November 2013.

The consumer price index was driven by lower gasoline prices. Gasoline prices plunged 12.4% in January from a month earlier.

Canadian core consumer price index, which excludes some volatile goods, increased 0.2% in January, exceeding expectations for a 0.1%, after a 0.3% decrease in December.

On a yearly basis, core consumer price index in Canada remained unchanged at 2.2% in January.

The Bank of Canada's inflation target is 2.0%.