The Consumer Price Index (CPI) rose 1.8% on a year-over-year basis in December, down from a 1.9% increase in November. Food purchased from restaurants and alcoholic beverages purchased from stores contributed the most to the deceleration. The CPI excluding food rose 2.1% in December.
A temporary GST/HST break on certain goods was introduced on December 14, 2024. The major components impacted by the tax break were food; alcoholic beverages, tobacco products, and recreational cannabis; recreation, education, and reading; and clothing and footwear. This does not mean that each individual index within a major component was affected.
On a monthly basis, the CPI declined 0.4% in December, following a flat month in November. On a seasonally adjusted monthly basis, the CPI rose 0.2%.
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