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Canada’s Annual Inflation Rate in December Slowed Down

By on Jan 21, 2012 in Canada
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inflation Canadas Annual Inflation Rate in December Slowed Down

Canada’s annual inflation rate in the month of December slowed to 2.3%, getting closer to the desired 2% target rate set by Bank of Canada.  The inflation rate was 2.9% in the month of November. Overall, the average inflation rate in 2011 was 2.9%, which was the highest rate over the past decade (the central bank’s desired range is between 1 to 3%).

Lower vehicle costs and slower growth in gasoline prices were the leading factors in the consumer price index being pushed down by 0.6% in the month.

The core inflation rate, which measures the rate excluding eight of it’s most volatile components (including energy prices), slowed by 0.5%. The annual core rate went form 2.1% to 1.9%.

As for the future, the central bank predicts that inflation will likely return to the 2% target rate.

source: financial post

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