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Economists at RBC are among those expecting inflation to remain unchanged in December.

RBC also expects overall food inflation to top five per cent in December, as the whipsaw from GST-free restaurant meals in the previous year pushes the consumer price index higher.

But BMO macro strategist Benjamin Reitzes has said he expects the annual inflation rate to have ticked up to 2.3 per cent in December, despite a heavy drop in gasoline prices.

Reitzes says the December inflation figures are "unlikely" to shift the Bank of Canada from the sidelines at its first interest rate decision of the year on Jan. 28.

This report by ºÃÉ«tvwas first published Jan. 19, 2026.