By Paul Vieira
OTTAWA--Canada's annual inflation rate edged upward in December to reach a three-decade high, a result that is bound to add pressure on the Bank of Canada to begin raising rates as early as next week.
Canada's consumer-price index increased 4.8% on a year-over-year basis in December, Statistics Canada said Wednesday, slightly faster than the 4.7% rise in November. December data matched market expectations, according to TD Securities.
Meanwhile, the average of the Bank of Canada's preferred measures for underlying core inflation in December also accelerated, up 2.93% in December from 2.73% in November. December's average also marked a 30-year high. Core inflation provides a measure of price changes that excludes volatile goods like food and energy.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
01-19-22 0859ET
