Canada’s Annual Inflation Rate Rose 3.4% in December: StatCan

Published on January 16, 2024

The annual inflation rate rose to 3.4 percent in December, up from 3.1 percent in November, according to Statistics Canada. The increase was a reflection of higher gasoline prices compared with a year ago, the federal agency said in its consumer price index (CPI) report released Jan. 16. The price of gas increased 1.4 percent year-over-year in December, despite being on the decline during the previous four months. The price of air travel, passenger vehicles, and rent also contributed to the uptick in the inflation rate. The increase was predicted by economists, who attributed the change to a base-year effect, which refers to how price movement from the previous year impacts the calculation of overall inflation....

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