Annual inflation rate increased to 3.4% in December: Statistics Canada

Canada’s annual inflation rate rose 3.4% in December, largely driven by higher gasoline prices.

The increase comes as the country’s inflation rate held steady at 3.1% in October and November.

Statistics Canada released the latest figures today (Jan. 16). Gasoline prices increased 1.4% in December after falling 7.7% in November. 

Food prices increased 4.7% in December, matching the increase in November. 

Meat prices increased 5.5%, while fish prices declined 1.3%. Dairy products and eggs rose 3.4% and bakery and cereal products (excluding baby food) were up 5.1%.

Prices for fresh fruit increased 3.3% and fresh vegetables rose 0.5%. Other food products and non-alcoholic beverages were up 6.2%.