StatCan to release December inflation figures today

OTTAWA Statistics Canada is set to release its December consumer price index report today. Economists expect the report to show Canada's annual inflation rate ticked up last month. In November, the inflation rate was 3.1 per cent. Economists say the temporary spike was caused by a smaller drop in gasoline prices in December compared with a year ago. But inflation is still expected to trend lower in the coming months as higher interest rates slow the Canadian economy down. Today's report comes about a week ahead of the Bank of Canada's next interest rate decision set for Jan. 24. This report by The Canadian Press was first published Jan. 16, 2024.