December saw 3.4% increase to annual inflation rate: StatsCan

The annual inflation rate rose 3.4 per cent in December, according to Statistics Canada.

In the month prior, inflation was a few points lower — sitting at 3.1 per cent.

The federal agency put out its consumer price index report Tuesday morning.

The release marks the final report of the year, and the numbers show the annual average inflation rate is down.

In 2023, the average inflation was 3.9 per cent, a significant drop from the 40-year high 2022 saw of 6.8 per cent.

READ MORE: Bank of Canada holds key interest rate steady at 5%