Annual inflation rate rises to 4.8 percent in December, highest since 1991 – Canadian Consumer Inflation hits the highest level in 30 years as Bank of Canada decision looms – January 20, 2022,
OTTAWA – Headline inflation in Canada hit a 30-year high at the end of 2021 with warnings from economists that the pace of price increases could rise even higher and stir expectations of a central bank response before the month is over.
Statistics Canada reported Wednesday that the annual pace of inflation climbed in December to 4.8 percent, a pace that hasn’t been seen since September 1991.
Driving growth on the consumer price index were prices for groceries that climbed year-over-year by 5.7 percent – the largest bump in a decade – and for housing that climbed by 9.3 percent compared with December 2020.
Furnishing homes also got more expensive compared with the same month last year: Prices for household appliances rose by 8.9 percent for the largest yearly gain since June 1982.
And despite a month-over-month dip in prices at the gas pumps with demand dampened by renewed public health restrictions related to the Omicron, gasoline prices were still up 33.3 percent year-over-year in December.
Annual inflation rate rises to 4.8 per cent in December, highest since 1991 – CP24
Statistics Canada says the annual pace of inflation climbed to a 30-year-high in December. Will Reimer breaks down the numbers.
Inflation hits highest level in 30 years as Bank of Canada decision looms
Interesting times ahead!