Canada’s annual inflation rate ticked up to 2.4 per cent in December compared to the same period last year, when the feds implemented a GST break that brought some prices down.
December’s rate was a smidge higher than the 2.2 per cent rate seen in November.
BMO chief economist Douglas Porter says while the headline rate was above expected, the Bank of Canada will likely be encouraged by the pullback in most core [inflation] measures” and Porter doesn’t expect there to be more interest rate cuts anytime soon.