Inflation Steady in December

Inflation magnifying glass

CBJ — The annual inflation rate remained steady in December as higher energy prices were offset  by slower growth in the price of fresh vegetables.

The consumer price index for the last month of 2019 was up 2.2% compared with the same month in 2018.

Energy prices in December were up 5.5% compared with 2018 while gas prices were up 7.5%.

Excluding gasoline, the consumer price index was up 2%, which marks the smallest increase since November, 2018.

The inflation report came ahead of the Bank of Canada’s interest rate decision which saw the central bank keep its key interest rate target at 1.75%.

Statistics Canada also reported Wednesday that wholesale sales in Canada fell 1.2 per cent to $63.2 billion in November, as five of the seven sub-sectors tracked moved lower.

@CanBizJournal

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