The Bank of Canada will be paying close attention to this latest inflation report as it gears up for its next interest rate decision on Jan. 25
OTTAWA — Canada's annual inflation rate slowed to 6.3 per cent in December as the cost of groceries remained high and gas prices cooled.
Grocery prices were up 11 per cent on an annual basis, a slight improvement from 11.4 per cent in November, the federal agency said. Meanwhile, Canadians saw some relief at the pump last month, paying 13.1 per cent less compared with November. Statistics Canada said the price of crude oil dropped amid concerns of a slowing global economy.
"While the direction of inflation is at least mildly encouraging, there's nothing in this report to keep the Bank of Canada from hiking rates another 25 at next week's policy meeting," Reitzes said. In addition to headline inflation, the central bank will also be looking at its preferred measures of inflation, which edged down slightly last month.
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