Canada’s annual inflation rate accelerates to 3.4 per cent in Dec, complicating path for BoC
Canada’s annual inflation rate rose 3.4 per cent in December, largely reflecting a sharper decline in gasoline prices a year ago compared to last month.
The federal agency released its consumer price index report Tuesday, showing inflation ticked up from 3.1 per cent in November.
Economists were widely expecting this rise due to a base year effect, which refers to how a price movement from a year ago affects the calculation of overall inflation.
Grocery prices in December were up 4.7 per cent from a year ago, matching the pace of increase in November.