Monday, January 30, 2023

Inflation in Canada falls half a point in December and stands at 6.3%

The interannual rate of inflation in Canada fell half a point in December and stood at 6.3%, according to data released on Tuesday by Statistics Canada (EC).

In the whole of 2022, the average rate of inflation was 6.8%.

Excluding food and energy prices, year-on-year inflation was 5.3% in the last month of 2022. In November the figure had been 5.4%.

The rise in food prices continued but has moderated: in year-on-year terms they rose by 11% in December, compared to the 11.4% registered in November.

Over the past five months, the rise in food prices has been consistently around 11%.

In December, Canadian consumers paid 13.1% less for gasoline, the biggest price drop since April 2020. Compared to December 2021, gasoline prices increased 3%.

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