Canada's Consumer Price Index (CPI) experienced a slight decline in December 2024, marking a continuation of a downward trend. The CPI decreased to 1.8% compared to a 1.9% increase recorded in November 2024, according to the latest data released on January 21, 2025.
This decrease is part of a year-over-year comparison, illustrating changes in consumer prices against the same period in the previous year. The November figure was also a comparison against November 2023, highlighting that the cost of living is now increasing at a slower rate than in recent months.
The slight dip indicates that inflation pressures in Canada have somewhat eased as 2024 came to a close. Economists and policymakers will be monitoring this trend closely to gauge its implications for the Canadian economy and potential future rate adjustments. As the country looks ahead, the data will play a key role in shaping fiscal strategies aimed at maintaining economic stability.
