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Canada Inflation December 2022

Canada: Inflation declines to lowest level since February in December

Inflation dropped to 6.3% in December from Novembers 6.8%, slightly below market expectations. December’s result marked the lowest inflation rate since February. The reading was primarily due to softer increases in prices for housing and transport, which more than offset higher food price pressures.

The trend pointed up slightly, with annual average inflation coming in at 6.8% in December (November: 6.7%). Meanwhile, core inflation fell to 5.4% in December, from Novembers 5.8%.

Lastly, consumer prices dropped 0.58% in December over the previous month, swinging from November’s 0.13% increase. December’s result marked the weakest reading since April 2020.

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