Canada’s inflation rate increases in December

After holding steady at 3.1 percent in October and November, Canada’s annual inflation rate rose to 3.4 percent in December, StatCan reported yesterday. The price of gasoline, cars and trucks, rent, and airline tickets helped to drive the uptick in inflation, the agency said. Grocery prices went up 4.7 percent, year over year. The central bank has increased interest rates 10 times in a row, commencing in 2022, to try to wrestle inflation down. Banks issued contradictory statements yesterday on whether they believe that interest rates will still come down in 2024, as many economists have predicted.