P.E.I. inflation rate sees biggest drop of the year in December

Prince Edward Islanders got some relief in December from rising inflation, according to the consumer price index, released Tuesday by Statistics Canada.

The annual inflation rate on P.E.I. fell two percentage points to 7.7 per cent. It is still the highest in Canada, as it has been since March of 2021, edging Nova Scotia where the rate was 7.6 per cent.

Still, it is the lowest annual inflation rate since February, and the biggest drop in the rate all year.

The 2.2 per cent decrease in the CPI was the biggest in the country. Only in August was P.E.I.'s inflation rate closer to the national average.

Prices actually fell on the Island for many commodities, such as groceries, restaurant meals, clothing and footwear, fuel oil and gasoline.