Inflation still too high, but trending down
Core inflation slowed slightly, going from 5.4% in November to 5.3% in December
By Rob Roach, ATB Economics 17 January 2023 less than a minute
The headline inflation rate in Canada in December was 6.3%, down from 6.8% in November.
The slower pace of price growth is largely attributable to lower gasoline prices which were, on average, 13.1% lower in December compared to November.
When food and energy products are excluded, “core” inflation slowed slightly, going from 5.4% in November to 5.3% in December.
At 6.0%, the inflation rate in Alberta in December was slightly lower than the national average.
The annual inflation rate in Canada last year came in at 6.8%.
You have to go back to 1982 when inflation was 10.9% to find a higher level of annual price growth in Canada.
Although inflation remains too high, December’s price report is at least somewhat encouraging in that the trend is down rather than up.
Answer to the previous trivia question: The average annual unemployment rate in Alberta in 2006 was 3.5%.
Today’s trivia question: Monday January 16th marked Martin Luther King Jr. Day in the United States. In what year did Martin Luther King Jr. deliver his “I have a dream” speech?