Canada’s inflation rate rose to 3.4 per cent in December

Canada’s annual inflation rate increased to 3.4 per cent in the final month of 2023, an increase over the 3.1 per cent rate the nation saw in November.

According to Statistics Canada, the annual inflation rate for 2023 was 3.9 per cent, a significant drop from the 6.8 per cent seen in 2022.

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Grocery prices remained high in December, sitting 4.7 per cent higher than December of 2022.

The Bank of Canada is expected to make an interest rate announcement next week, and economists generally expect the central bank to hold its key interest rate at five per cent.

–with files from The Canadian Press