BREAKING: Inflation rate falls to 6.3% but food prices remain high, Statistics Canada says
Canada’s annual rate of inflation fell in December for the fourth time in five months, dropping to 6.3 per cent, thanks to lower gasoline prices, Statistics Canada reported Tuesday.
Tuesday’s CPI release was the final piece of key data before the Bank of Canada announces next week whether it will raise interest rates for the eight time in a row. Since last March, the Bank of Canada has raised its key overnight lending rate seven times as it attempts to battle inflation. The overnight rate is currently 4.25 per cent, the highest it’s been since 2008.
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