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Ekonomické zprávy
19.01.2022

Canada’s annual inflation increases in line with forecasts in December

Statistics Canada reported on Wednesday the country’s consumer price index (CPI) fell 0.1 percent m-o-m in December, following an unrevised 0.2 percent m-o-m advance in the previous month. This represented the first monthly decline in CPI since December 2020 (-0.2 percent m-o-m).

On a y-o-y basis, Canada’s inflation rate climbed 4.8 percent last month, accelerating from an unrevised +4.7 percent in November. This represented the highest inflation rate since September 1991 (+5.5 percent).

Economists had predicted inflation would edge down 0.1 percent m-o-m but surge 4.8 percent y-o-y in December.

According to the report, all eight major components of the headline CPI demonstrated increases on a year-over-year basis in December, led by transportation (+8.9 percent y-o-y), which, in its turn, was driven by a surge in gasoline prices (+33.3 percent y-o-y). It was followed by the shelter (+.54 percent y-o-y) and the food (+5.2 percent y-o-y) components.

Meanwhile, the closely watched the Bank of Canada's core index jumped 4.0 percent y-o-y in December, following an unrevised 3.6 percent y-o-y increase in November. This was the highest reading since September 1989. Economists had forecast an advance of 3.5 percent y-o-y.

In 2021, Canada’s CPI rose 3.4 percent on an annual average basis, quickening sharply from +0.7 percent in 2020. This marked the steepest inflation rate since 1991 (+5.6 percent).

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