Canadian inflation hits 30-year high at 4.8% in December By Reuters

Canadian inflation hits 30-year high at 4.8% in December By Reuters

© Reuters. FILE PHOTO: A shopper exits a store holding multiple shopping bags in Sherway Gardens mall during the stage two reopening from coronavirus disease (COVID-19) restrictions in Toronto, Ontario, Canada June 30, 2021. REUTERS/Alex Filipe

OTTAWA (Reuters) -Canada’s annual inflation rate accelerated again in December to hit a 30-year high, led by higher prices for food, vehicles and shelter, data showed on Wednesday.

Inflation rose to 4.8%, in line with expectations and up from 4.7% in November, Statistics Canada said. It was the ninth consecutive month in which headline inflation topped the Bank of Canada’s 1-3% targeted range.

That could bolster bets the central bank will start hiking interest rates next week, despite uncertainty around the impact of the Omicron coronavirus variant.

The CPI common measure, which the central bank says is the best gauge of the economy’s underperformance, rose to 2.1% from 2.0% in November. It last hit 2.1% in February 2012. CPI median rose to 3.0% and CPI trim climbed to 3.7% respectively.

The Canadian dollar touched a six-day high at 1.2451 to the U.S. unit, or 80.31 U.S. cents.

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