{"id":42825,"date":"2024-01-16T14:50:24","date_gmt":"2024-01-16T14:50:24","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/01\/16\/canada-inflation-picks-up-speed-in-december\/"},"modified":"2024-01-16T14:50:24","modified_gmt":"2024-01-16T14:50:24","slug":"canada-inflation-picks-up-speed-in-december","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/01\/16\/canada-inflation-picks-up-speed-in-december\/","title":{"rendered":"Canada inflation picks up speed in December"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">December data still running hotter than central bank targets<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Jan 16, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">3 minute read<\/span><\/p>\n<\/p><\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">The increase in the headline inflation figure was largely due to a year-over-year rise in gasoline prices. <\/span> <span class=\"credit\">Photo by Peter J. Thompson\/National Post<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Canada\u2019s annualized rate of inflation jumped to 3.4 per cent in December, a reacceleration that was widely anticipated by economists but that will likely leave the Bank of Canada in no rush to cut interest rates.<\/p>\n<p>The hike in the headline inflation figure, up from a 3.1 per cent increase recorded in November, was largely due to a year-over-year rise in gasoline prices, according to the latest consumer price index data released by Statistics Canada on Jan. 16.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment5304425982630600573606398942773248\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" 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https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/identity\/logo-identity-fp.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/identity\/logo-identity-fp.svg 1600w\" alt=\"Financial Post\" class=\"market-logo\" height=\"37\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/identity\/logo-identity-fp.svg\" width=\"280\"\/><\/p>\n<div class=\"intro-body__premium hidden\">\n<p>THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news 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including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Canada inflation December 2023\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=90&strip=all&w=288&sig=S5N01Lmd4G4WgH-tMZCixw\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=90&strip=all&w=288&sig=S5N01Lmd4G4WgH-tMZCixw,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=90&strip=all&w=576&sig=nFA10nADxuvULD3zHYeVcA 2x\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/December-2023-inflation--1.png?quality=5&strip=all&w=100&sig=Nsu6k16YKCgR79S_Vp0Dvg&ssl=1\" height=\"802\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p>Gasoline costs were 1.4 per cent higher than in December 2022, even though monthly prices fell for the fourth month in a row, the national statistics agency said. In November, by contrast, gas prices had declined by 7.7 per cent year over year.<\/p>\n<p>The 4.4 per cent monthly decline in gas prices is affected by continued uncertainty about oil demand and high levels of supply, which is putting downward pressure on prices, the agency said.<\/p>\n<p data-async=\"\">Excluding gasoline, the rate of CPI growth slowed year over year to 3.5 per cent in December from 3.6 per cent in November, but remains above the Bank of Canada\u2019s target. The data is the last reading before the central bank\u2019s interest rate decision next week.<\/p>\n<p>Other categories that contributed to overall price growth included airfares, fuel oil, passenger vehicles and rent.<\/p>\n<p>Grocery prices were 4.7 per cent higher, year over year, matching the increase in the prior month.<\/p>\n<p>Prices for travel tours were lower, moderating the acceleration in the all-items CPI.<\/p>\n<p>\u201cEnergy component pushed headline inflation reading higher with food price growth holding steady after slowing for five straight months,\u201d Royal Bank of Canada economists Claire Fan and Abbey Xu wrote in a report following the release of the data.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot23 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories8294968235448087298001628513173504\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 1600w\" alt=\"Top Stories\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/15.2.1\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment6062563552916385656905987136684032\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The RBC economists said the December CPI report\u00a0was more mixed than the headline reading would suggest.<\/p>\n<p>They said some components, such as acceleration in airfares and car price growth, are unlikely to be repeated, while strength in the shelter component, especially in rent prices, persists.<\/p>\n<p>Statistics Canada said rent prices continued to climb in December, rising 7.7 per cent year over year, following a 7.4 per cent increase in November. The higher interest rate environment, among other factors, can create barriers to homeownership and put upward pressure on the index, it added.<\/p>\n<p>\u201cWe continue to expect the Bank of Canada to tread cautiously and watch the data carefully, but for further slowing inflation to allow a pivot to interest rate cuts around mid-year,\u201d Fan and Xu wrote in a note.<\/p>\n<section aria-labelledby=\"moreTopicLabel1699171443391349609466246467682304\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" 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https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/01\/rents-0104-ph.jpg?h=96&strip=all&quality=80&sig=hYLObVYY8glyzkkIIn2OJg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/01\/rents-0104-ph.jpg?h=96&strip=all&quality=80&sig=hYLObVYY8glyzkkIIn2OJg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/01\/rents-0104-ph.jpg?h=96&strip=all&quality=80&sig=hYLObVYY8glyzkkIIn2OJg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/01\/rents-0104-ph.jpg?h=96&strip=all&quality=80&sig=hYLObVYY8glyzkkIIn2OJg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/01\/rents-0104-ph.jpg?h=96&strip=all&quality=80&sig=hYLObVYY8glyzkkIIn2OJg, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/01\/rents-0104-ph.jpg?h=192&strip=all&quality=80&sig=TR1lVfbiPkke2H_javZNnw 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/01\/rents-0104-ph.jpg?h=288&strip=all&quality=80&sig=Jp1AMnCSMflVTe_gYq6wug 3x\" alt=\"Rent\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">The whole story behind soaring rents<\/span><\/p>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Bank of Canada governor Tiff Macklem.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=80&sig=Yen3XmaQ03ZX2FurnTtsyw\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=5&sig=ocbNJCqxT9JsUygW3n32eA&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=96&strip=all&quality=80&sig=Yen3XmaQ03ZX2FurnTtsyw, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=192&strip=all&quality=80&sig=mIGgss1QFiqvqLt6rBJHuQ 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/12\/no1220macklem.jpg?h=288&strip=all&quality=80&sig=tUFYP7EXdHkA4NX3D2gwAA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">What the Bank of Canada was thinking when it held rates<\/span><\/p>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=96&strip=all&quality=80&sig=Q7vPgIAJKTU4iyVNGg_blg, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=192&strip=all&quality=80&sig=SBntR_c5lhEwMofNi0AFWQ 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/12\/bank-of-canada-1219-ph.jpg?h=288&strip=all&quality=80&sig=Dvg9gOw8b0am2xpGsLl7uw 3x\" alt=\"inflation\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">The dirty little secret about inflation that rarely gets attention<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>On a monthly basis, the CPI fell 0.3 per cent in December, after a 0.1 per cent gain in November. This was as a result of lower month-over-month pricing for travel tours at -18.2 per cent and gasoline at -4.4 per cent.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment3480359135009258755676668963061760\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The CPI rose 0.3 per cent on a seasonally adjusted monthly basis, which Desjardins economist Randall Bartlett said isn\u2019t consistent with the Bank of Canada\u2019s two per cent inflation target.<\/p>\n<p>\u201cDetails under the hood should give some pause for the overly dovish crowd,\u201d Bartlett wrote in a report, adding that the inflation data being within the range projected by analysts is \u201cpretty much where the good news ends.\u201d<\/p>\n<p>The higher move in most metrics, particularly CPI median and trim, likely wasn\u2019t what the central bank was hoping for, he said.<\/p>\n<p>\u201cThe December inflation data make clear that we\u2019re not out of the woods yet.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: dpaglinawan@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Canada inflation picks up speed in December<\/a><br \/>\n<br \/>2024-01-16 14:50:24<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy December data still running hotter than central bank targets Published Jan 16, 2024 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago \u00a0\u2022\u00a0 3 minute read The increase in&#8230;<\/p>\n","protected":false},"author":2,"featured_media":42826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/01\/inflation-gas-0116-ph.jpg?quality=90&strip=all&w=288&h=216&sig=yBRxuCm_HjVyMGVpTqnJ7w","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-42825","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/42825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=42825"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/42825\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/42826"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=42825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=42825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=42825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}