Food prices hike in­fla­tion rate

The Guardian (Charlottetown) - - BUSINESS - THE CANA­DIAN PRESS

Fu­elled by climb­ing prices for fresh fruits and veg­eta­bles, the pace of Canada's an­nual in­fla­tion rate ac­cel­er­ated last month to 1.6 per cent, Sta­tis­tics Canada said Fri­day.

In­fla­tion grew at its fastest pace in De­cem­ber since late 2014. Last month's num­ber also fol­lowed a 1.4 per cent yearover-year in­crease in Novem­ber, the agency's lat­est con­sumer price in­dex found.

The fig­ure came out as the econ­omy deals with the ef­fects of the steep slide in com­mod­ity and oil prices, which have also helped drag down Canada's ex­change rate.

The lower loonie is ex­pected to drive up costs for im­ported goods.

The re­port said prices for fresh fruit in­creased 13.2 per cent last month com­pared to a year ear­lier, while fresh veg­eta­bles rose 13.3 per cent.

The price of let­tuce 21.8 per cent.

Over­all, con­sumers spent 3.7 per cent more on food last month than the pre­vi­ous year.

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