Annual inflation rate fell to 6.3% in December: StatCan

Canada’s annual inflation rate fell to 6.3 per cent in December, according to Statistics Canada’s latest consumer price index.

The agency’s consumer price index was released today, it says inflation dropped last month mostly due to a gradual decrease in gas prices.

The declaration was offset by rises in mortgage interest costs, clothing and other personal care supplies.

READ MORE: Annual inflation rate fell slightly to 6.8% in November: StatCan

The annual inflation rate was 6.8 per cent in November.

However, grocery prices continued to rise in December, but at a rather slower pace, with prices up 11 per cent compared to last year.

The average inflation rate for 2022 was 6.8 per cent, according to Statistics Canada

READ MORE: Home sales, prices predicted to fall nearly 6% in 2023: CREA