OTTAWA—Canada’s annual inflation rate edged upward in December to reach a three-decade high, a result that is bound to add pressure on the Bank of Canada to begin raising rates as early as next week.
Prices for food rose at their fastest pace in roughly 13 years, while the cost of homeownership also advanced by the most in about 14 years. Gasoline offset those increases, as price growth eased on a one-year basis.
