Canada's inflation rate increased to 3.4% in December, aligning with expectations set by economic experts. The upward trend in prices, as measured by the Consumer Price Index (CPI), signifies a rebound in the Canadian economy after a period of deflation caused by the COVID-19 pandemic.
The inflation rate, which indicates the overall increase in prices of goods and services, has been steadily climbing since the country's lockdown measures were lifted and economic activities resumed. In November, the inflation rate stood at 1%. The surge in prices in December can largely be attributed to the jump in energy costs and a surge in housing expenses.
