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Trudeauflation Hits Historic Levels

According to Canada’s National Bureau of Statistics, the Consumer Price Index (CPI), which measures consumer price inflation, rose 4.8% year-on-year in December. This was the highest level in 30 years and in line with analysts’ forecasts after hitting 4.7% in November.

The increase in the consumer price index was due to a rise in food and car prices.

The consumer price index rose above the Bank of Canada’s 3% target for the ninth consecutive month, raising expectations that the central bank will soon raise interest rates.

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