Canada’s year-on-year inflation rose 4.8% in December, the highest it has been since 1991, according to official figures released on January 19.

The Bank of Canada found that consumer expectations for inflation over the next two years were at their highest level since its survey began. The central bank’s board will hold its next rate-setting meeting on January 26.

“Prices rose in all eight major components [of the consumer price index] on a year-over-year basis in December,” said Statistics