December inflation readings edged up on mixed details

January 16, 2024 | Claire Fan and Abbey Xu


  • Energy component pushed headline inflation reading higher with food price growth holding steady after slowing for 5 straight months.
  • The BoC’s preferred core CPI measures bounced higher, although the breadth of inflationary pressures over the last three months continued to narrow.
  • Travel tour prices declined sharply in December, reversed the jump the prior month.
  • The latest Business Outlook Survey revealed more firms perceived normal/less price increases due to weaker demand
  • And on the consumer side, Canadians’ expectations on rent price growth remained elevated

Claire Fan is an economist at RBC. She focuses on macroeconomic trends and is responsible for projecting key indicators on GDP, labour markets as well as inflation for both Canada and the US.

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