Canada's annual inflation rate fell to 1.8% in December,

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Inflation  fell last month. Our GST tax  holiday on  essential goods is part of the reason  - and  it's still in effect until February  15. Canada's annual inflation rate fell to  1.8% in December,  largely thanks to  temporary tax relief from the federal  government.
Statistics Canada's consumer price index report  released Tuesday said restaurant purchases and  store-bought alcohol contributed most to the  slowdown.
In mid-December, the federal government  implemented a temporary  tax reduction on  these items, as well as on tobacco and cannabis products, clothing and some toys, among  others.

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Without the tax  rate, Statistics Canada said the annual inflation rate would have  reached 2.3%. Editors' Choice
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Food price growth also  slowed last month, falling to  1.9% year-over-year from  2.6% in November.  Gasoline price inflation  has been high at  3.5% year-over-year.
Housing costs  fell slightly in December to  4.5% but remain  high, while  rental prices also  fell year-on-year in December, falling to  7.1%. Attention now turns to the Bank of Canada, which is  due to make an interest rate decision next week. Some analysts have called for another quarter-percentage point cut, following a half-percentage point cut in  December.

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