Headline inflation of 2.4% came in hotter than expectations, rising from November’s 2.2% print…

… on the back of continued acceleration in food and alcohol prices.

While the store-bought portion of that inflation has some stickiness (meat, coffee, etc.), the restaurant portion should be short-lived…

… given Trudeau’s tax holiday was the primary driver. That should be supportive of Y/Y price growth in impacted categories through February…

… before the base-year effect rolls off and numbers normalize.