The monthly decline in December is the largest since April 2020, mostly driven by gasoline prices, which also posted their largest monthly decline since April 2020.

Canada statistics said in a statement that consumers paid 13.1% less at the pump in December compared with November, the largest monthly decline since April 2020. This reflected lower prices for crude oil amid concerns of a slowing global economy, as well as reduced demand following an increase in COVID-19 cases in China. On a yearly basis, prices for gasoline rose 3.0% in December after a 13.7% increase in November.

Similarly, growth in prices for durable goods slowed to 4.7% year over year in December after a 5.3% increase in November, with prices decelerating for the third consecutive month.

Prices for personal care supplies and equipment grew 9.9% year over year in December, the largest increase since February 1983

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