Canada’s annual inflation rate cooled to 6.3 per cent in December, its lowest level since February.
Statistics Canada reported Tuesday that the deceleration in the cost of living was mostly due to slower growth in prices for things like gasoline, durable goods and various shelter-related expenses.
While the costs of many goods and services are finally coming down or at least slowing their pace of increases, food prices are still going up at an impressive clip. Grocery prices inched up another 0.3 per cent during the month of December, and have increased by 11 per cent year over year. That’s a slight slowdown from the 11.4 per cent pace the previous month.
