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Consumer Price Index, December 2023
The Consumer Price Index (CPI) rose 3.4% on a year-over-year basis in December, following a 3.1% increase in November. While gasoline prices fell on a monthly basis for the fourth month in a row, the headline acceleration was largely the result of higher year-over-year prices for gasoline in December (+1.4%) compared with November (-7.7%). This was the result of a base-year effect where gasoline prices fell more on a monthly basis in December 2022 than they did in December 2023. Excluding gasoline, the headline CPI slowed year over year, from 3.6% in November to 3.5% in December. Additional acceleration came from ... (full story)
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Canada's inflation rate rose 3.4 per cent in December
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,(opens in a new tab) 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 ... (full story)