🇨🇦❗️ Canadian December CPI at 4.8% Y/Y, Highest Since 1991

• Headline consumer prices came at 4.8% Y/Y in December, up from the previous 4.7%. However, the M/M figure declined by 0.1%, marking the first negative print since December 2020

• Looking at the major components, transportation, shelter, and food posted the most gains on a Y/Y basis. Gasoline prices fell 4.1% M/M, this was the largest decline since April 2020

• All the Bank of Canada's preferred measures of consumer prices saw upticks in the month. As of December, Trim CPI prints at 3.7% Y/Y, Median at 3.0% Y/Y, Common at 2.1% Y/Y.