Food prices hike inflation rate
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.