February 26th, 2024

Canada’s annual inflation rate rose 3.4% in December, StatCan says

By The Canadian Press on January 16, 2024.

Statistics Canada is set to release its December consumer price index report today. Gas prices are displayed in Carleton Place, Ont. on Tuesday, May 17, 2022. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – Statistics Canada says the annual inflation rate rose 3.4 per cent in December.

The federal agency released its consumer price index report this morning, showing inflation ticked up from 3.1 per cent in November.

Economists were widely expecting this rise due to a sharper decline in gasoline prices in December 2022 compared to last month.

Grocery prices were up 4.7 per cent from a year ago, matching the pace of increase in November.

With December marking the last month of the year, Statistics Canada says the annual average inflation rate for 2023 was 3.9 per cent, down from a 40-year high of 6.8 per cent in 2022.

The federal agency says price growth in 2023 slowed in six out of eight components of the consumer price index compared to the previous year.

This report by The Canadian Press was first published Jan. 16, 2024.

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