Inflation in B.C. climbed three basis points as inflation in Canada hits 4.8%

Statistics Canada confirms the cost of living in Canada just keeps climbing, as the national inflation rate hit 4.8 per cent last month, the highest in two decades.

Analysts say the December setting was one-tenth of a point above November's with food, housing and gasoline among the reasons for the higher costs.

Inflation in BC climbed three basis points to 3.9 per cent in December, while Vancouver's rate leaped more than half a per cent to 3.8 per cent and the cost of living in Victoria edged up to 3.4 per cent last month from 3.2 in November.

An announcement is planned next week by the Bank of Canada as economists expect it to act on a promise to curb inflation by shifting the prime rate.