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The annual inflation rate in Canada eased to 1.8% in December of 2024 from 1.9% in the previous month, slightly below market expectations that it would remain at 1.9%, to mark the softest rate of price growth since September. With the result, inflation remained within or below the Bank of Canada’s midpoint target 2% for the fifth consecutive month, adding to current expectations of further rate cuts this year. Inflation slowed sharply for food (0.6% vs 2.8% in November), lowered by an annual decline in food purchased from restaurants (-1.6%) due to goods and services tax and harmonized sales tax breaks. Inflation also slowed for shelter (4.5% vs 4.6%) amid softer price growth for rent (7.2% vs 7.7%) and mortgage interest costs (11.7%, the lowest since October 2022). On the other hand, transportation costs accelerated (2.3% vs 1.1%) as base effects drove gasoline inflation to soar (3.5% vs -0.5%). From the previous month, Canadian consumer prices fell by 0.4%.