(dpa)
Posted on: Wednesday, January 19, 2022 – 10:17 PM | Last update: Wednesday, January 19, 2022 – 10:17 PM
Economic data showed today, Wednesday, that the rate of consumer price inflation in Canada rose last December to its highest level in three decades, increasing pressure on the Central Bank of Canada to begin quickly raising interest rates.
The annual inflation rate in Canada last month was 4.8 percent, according to Statistics Canada data released today. In November, the inflation rate was 4.7 percent annually.
And the Bloomberg News Agency indicated that the inflation data during the past month came in line with analysts’ expectations.
Meanwhile, the core inflation rate, which excludes the most volatile commodities such as food and energy, issued by the Central Bank of Canada, reached 2.93% last month, its highest level in several decades.
On the other hand, consumer prices decreased by 0.1% per month, with the decrease in gasoline prices last December.
This data is expected to reinforce expectations that monetary policy makers in the central bank, led by Bank Governor Tim McClem, will start a cycle of raising interest rates next week.