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December inflation holds steady at 2.2% despite higher gas prices

Source: The Canadian Press, January 22, 2020

Gasoline prices were up 7.4 per cent compared with December 2018 when crude oil prices fell amid a global oversupply.

Statistics Canada says the annual pace of inflation held steady in December as higher energy prices were offset in part by slower growth in the price of fresh vegetables. The agency says the consumer price index in December was up 2.2 per cent compared with a year ago, matching the year-over-year increase in November.

The year-over-year growth in fresh vegetable prices slowed to 1.5 per cent in December compared with an increase of 7.1 per cent in November.

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