Canada’s inflation rises 3.4% Y/Y in December

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The annual inflation rate in Canada rose to 3.4% in December of 2023 from 3.1% in the previous month, meets expectations.
The result was consistent with the Bank of Canada’s signal that headline inflation is expected to remain stubbornly elevated, close to the 3.5% mark.
The acceleration in consumer prices was attributed to a rebound in gasoline costs, due to waning base effects, driving transportation costs to rebound as well.
Inflation also picked up for shelter, as high mortgage rates placed obstacles to home ownership and lifted rent prices.
Consumer prices fell by 0.3% from the previous month, as expected.
ETFs: (EWC), (FLCA).
Currency: (USD:CAD)

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