OTTAWA (Reuters) – Canada’s annual inflation rate slipped to a relatively tame 2.3 percent in January, bucking a trend which has seen several major nations struggle to keep rising prices under control.

The increase, which matched market expectations, compares with the 2.4 percent recorded in December. It also means the Bank of Canada will be under no immediate pressure to raise interest rates on March 1.

Statistics Canada said on Friday that energy prices had risen 9.0 percent in the 12 months to January following a 10.5 percent year-on-year rise in December. Gasoline prices advanced by 13.0 percent on the year, the same rate seen in December.

Overall, prices were up by 0.3 percent from December. The year-on-year core rate, which is closely watched by the Bank of Canada, slipped to 1.4 percent from 1.5 percent.

Friday’s figures do little to challenge market expectations that the central bank, which targets 2 percent inflation, will hold rates steady until at least May. It halted its rate hike campaign last year on concern about the strength of the economic recovery.