Statistics Canada says annual pace of inflation slowed in December to 0.7 per cent

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OTTAWA — Statistics Canada says the annual pace of inflation slowed in December.

The agency says the consumer price index was up 0.7 per cent compared with a year earlier.

That compares with a year-over-year increase of 1.0 per cent in November.

Prices rose in six of the eight major components on a year-over-year basis in December.

Excluding gasoline, the annual pace of inflation in December was 1.0 per cent compared 1.3 per cent in November.

The average of Canada's three measures for core inflation, which are considered better gauges of underlying price pressures and closely tracked by the Bank of Canada, was 1.57 per cent for December, down from 1.67 per cent in November.

This report by The Canadian Press was first published Jan. 20, 2021.

The Canadian Press