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Annual pace of inflation slowed in December to 0.7 per cent

Last Updated Jan 20, 2021 at 6:46 am PDT

FILE - Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. THE CANADIAN PRESS/Sean Kilpatrick
Summary

Statistics Canada says consumer price index was up 0.7 per cent in December compared with a year earlier

Annual pace of inflation slowed in December, agency says

OTTAWA – Statistics Canada says the annual pace of inflation slowed in December.

The agency says the consumer price index was up 0.7 per cent compared with a year earlier.

That compares with a year-over-year increase of 1.0 per cent in November.

Prices rose in six of the eight major components on a year-over-year basis in December.

Excluding gasoline, the annual pace of inflation in December was 1.0 per cent compared 1.3 per cent in November.

The average of Canada’s three measures for core inflation, which are considered better gauges of underlying price pressures and closely tracked by the Bank of Canada, was 1.57 per cent for December, down from 1.67 per cent in November