Stock Groups

Canadian inflation hits 30-year high at 4.8% in December -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: A shoplifter exits Sherway Gardens shopping center with several bags. This was during Stage 2 of the removal from COVID-19 restrictions. It took place in Toronto, Ontario Canada, June 30, 2021. REUTERS/Alex Filipe

OTTAWA, (Reuters) – Canada’s annual inflation rate accelerated in December, hitting a new 30-year high. This was due to higher food prices, vehicle and shelter costs, according to data released Wednesday.

Statistics Canada stated that the inflation rate rose to 4.8%. This is in line of expectations, and was up from 4.7% November. This was the ninth consecutive month that headline inflation has surpassed the Bank of Canada’s target range of 1-3%.

This could increase the likelihood that the central bank will raise interest rates next week despite uncertainties surrounding the Omicron coronavirus strain.

CPI Common Measure, which is claimed by the central banks to be the most reliable indicator of economic underperformance, rose 2.1% from 2.0% November. In February 2012, it was at 2.1%. CPI median was 3.0%, while CPI trim rose to 3.7%.

Canadian dollars reached a 6-day peak at 1.2451 US cents, which is 80.31 U.S.cs.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]