"Canada's annual inflation rate ticked up to 2.4 per cent in December compared to the same period last year, when the federal government implemented a GST break that brought some prices down, Statistics Canada said on Monday. The temporary tax cut, which began on Dec. 14, 2024, lasted for two months. But it continued to reverberate through monthly inflation data until last month, when it fell out of the year-over-year movement, according to the data agency."
"December's rate was a smidge higher than the 2.2 per cent rate seen in November. It was partly offset by a decline in gas prices. With gas excluded, inflation rose to three per cent in December (after a 2.6 per cent jump in November). Grocery price growth was unchanged between November and December but rose to five per cent when compared to the same time last year, with coffee and fresh or frozen beef still driving the increase."
Canada's annual inflation rate increased to 2.4 per cent in December compared with the same period a year earlier, following a temporary GST break that had earlier reduced some prices. The GST tax cut began on Dec. 14, 2024 and lasted two months, continuing to influence monthly inflation figures until it dropped out of the year-over-year calculation in December. December's rate edged above November's 2.2 per cent. The headline increase was partly offset by a decline in gas prices. Excluding gas, inflation rose to three per cent in December after a 2.6 per cent increase in November. Grocery prices were unchanged month-to-month but rose five per cent year-over-year, driven by coffee and fresh or frozen beef.
Read at www.cbc.ca
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