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Canada’s Inflation Rebounds to 2.4% in December After Tax Holiday Effect Fades

Food prices were expected to rise on a year-over-year basis because December 2024 restaurant prices had been lowered by the temporary GST holiday that ended in early 2025.  Canada’s annual inflation rate accelerated to 2.4% in December , coming in hotter than economists expected and marking a noticeable uptick from November’s 2.2%. The increase was driven largely by a “base‑year effect” tied to last year’s temporary federal GST/HST holiday, which had artificially lowered prices during the same period a year earlier. With those discounts no longer part of the comparison, categories such as restaurant meals, alcohol, and children’s goods appeared more expensive on a year‑over‑year basis, pushing the headline inflation figure higher. Despite the jump, underlying price pressures continued to ease. Key core inflation measures — which strip out volatile items — cooled for the third straight month, suggesting that broader inflation momentum is still slowing. Month‑to‑month, consumer pr...
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Yemen’s Houthi rebels suspected of attacking ship in Gulf of Aden

 

A ship sailing in the Gulf of Aden was hit by a missile on Monday, less than a day after Yemen’s Houthi rebels fired an anti-ship cruise missile toward an American destroyer in the Red Sea, officials said.

The attack on the ship, which occurred about 110 miles southeast of Aden, was reported by the United Kingdom Maritime Trade Operations, which oversees Mideast waters. The ship’s captain said the missile struck the port side of the vessel from above, but did not provide any further details.

The identity of the ship and its crew was not immediately disclosed, nor was the extent of the damage or any casualties.

The Houthi rebels, who are backed by Iran and control Yemen’s capital, have not claimed responsibility for the attack, but they have previously targeted shipping in the Gulf of Aden and the Red Sea amid Israel’s war with Hamas in the Gaza Strip.

The Houthis have said they are defending themselves against the Saudi-led coalition that has been bombing them since 2015, after they ousted the internationally recognized government of Yemen.

The U.S. and its allies have accused the Houthis of disrupting the free flow of international commerce and threatening regional stability. President Joe Biden has warned that he will not hesitate to take further measures to protect U.S. interests and allies in the area.

The attack on the ship came as the U.N. Security Council was meeting to discuss the situation in Yemen and the humanitarian crisis caused by the war, which has killed over 100,000 people and pushed millions to the brink of famine.



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