As gas prices continue to tumble, it’s also knocking down Canada’s inflation rate even further.
StatsCan is reporting that the national inflation rate was 1.5% last month, down from 2% in November.
Analyst Julia White says BC had a similar rate at 0.9% for December.
“Like the rest of the country, gasoline was the major downward contributor in BC, it was the big story this month,” she says. “The year-over-year decrease in gasoline prices in BC was 9.9%, but it was the smallest decrease among the provinces.”
At 0.3%, White says this is a small drop from the month before, thanks to stability with some industries, saying “In terms of upward contributors, BC has seen increases in prices for meat, electricity, and telephone services in the past year, this is very similar to the national level.”
White says factors that led to the inflation rate sagging include falling prices in gas, clothing, and the biggest one – gasoline.
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