The 2024 calendar year inflation rate for Yellowknife was 1.9 per cent, a 1.4 per cent drop from the year prior, according to Statistics Canada.
Since 2022, calendar year inflation rates, from January to December, have been on the decline. That applies not only to Yellowknife but also the country at large. Businesses tend to use the calendar year inflation rate to adjust salaries or evaluate prices of their goods and services, according to the most recent consumer price index for December 2024.
That index also shows the 2024 inflation rate for Canada was 2.4 per cent, which was a decrease of 1.5 percentage points from 2023.
"All the provinces and territorial capitals experienced lower inflation in 2024 than in 2023," reads a Jan 21 analysis from the NWT Bureau of Statistics. "All three territorial capitals had inflation rates below the Canadian rate of 2.4 per cent."
Most major components, such as food and shelter, still experienced year-over-year increases however, according to the index. In Yellowknife, shelter, for example, experienced one of the higher inflation rates at 4.3 per cent.
The 3.3 per cent rise in food prices stemmed, in part, from increases in grocery store items like vegetables, meat and dairy products. Items that didn't jump in price include household operations and furnishings and clothing and footwear, the index adds.
"Whitehorse, Manitoba and Saskatchewan saw the greatest declines in inflation rates between the two calendar years," the index reports.
For December specifically, Yellowknife's inflation rate came in at 1.8 per cent.
The next consumer price index is due to be released Feb. 18.