Canada’s Consumer Price Index (CPI) rose by 2.4% year-on-year in December, according to figures released moments ago, compared to 2.2% in November. The core CPI, which excludes gasoline prices, rose to 3% year-on-year, compared to 2.6% in November.

On a monthly basis, the index fell by 0.2% in December, following a 0.1% increase in November. This was against expectations of a 0.4% decline.

The biggest contributor to the December inflation increase was the restaurant and café sector. Prices for food purchased from restaurants rose by 8.5%, up from 3.3% in November. Food prices rose by 5%, alcoholic beverage prices by 6.5%, and toy prices by 7.5%. Conversely, gasoline prices fell by 13.8%, following a 7.8% decrease in November.