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Published Jan 21, 2025 • 1 minute read
Canada’s inflation rate dropped to 1.8 per cent in December from 1.9 per cent a month earlier, as the impact from a temporary GST/HST break introduced by the federal government tamped down price pressures, Statistics Canada said on Tuesday.
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The tax break, brought in on Dec. 14, had an impact on prices for food, alcoholic beverages, children’s toys, clothing, cannabis and footwear. As a result of the tax holiday, the cost of food purchased from restaurants declined 1.6 per cent year-over-year in December, the first such decline in the index’s history.
Economists had expected the annual inflation rate for December to remain unchanged from the prior month at 1.9 per cent, according to LSEG Data & Analytics.
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