Canada’s Inflation Rate Slowed Down to 0.7% in December

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 one 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 one 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.

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