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Inflation at its highest level in December since 1991

By: Q Country/Star FM News
Posted: January 19, 2022 09:20

Stats-Can says consumer price index was up 4.8%

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Statistics Canada reports the inflation rate last month climbed to 4.8% from a year ago - its highest level since 1991.

The reading compared with a year-over-year increase of 4.7% in November.

Higher prices for food, passenger vehicles and housing helped fuel the increase.

The agency says that excluding gasoline prices from its calculations, the consumer price index would have been up year-over-year in December by 4%.

Prices at the gas pumps were up 33.3% compared with a 43.6% increase in November as tightening of public health restrictions related to the Omicron variant weighed on demand.

December marked 9 months in a row that headline inflation has come in above the Bank of Canada’s target zone of between 1% and 3%.

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