By Robb M. Stewart
OTTAWA--Canada's annual inflation rate accelerated at its fastest pace in three months in December due to higher prices at the pump compared with a year earlier as well as the continued rise in rents and an increase in air fares.
The country's consumer price index rose 3.4% from a year earlier, Statistics Canada said Tuesday. The pick up in inflation was in line with market expectations, according to economists at TD Securities, after the index held steady at 3.1% in November.
On a month-over-month basis, prices fell 0.3%, in line with the consensus forecast for the month. On a seasonally adjusted basis, CPI rose 0.3% from the previous month.
Meanwhile, the average of the Bank of Canada's preferred trimmed mean and weighted median measures for underlying core inflation was 3.65% on-year in December, a pick up from 3.55% the month before. Core inflation provides a measure of price changes that excludes volatile goods such as food and energy.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
01-16-24 0850ET
