2023-12-19 13:39:39
The Consumer Price Index increased at an annual rate of 3.1% in November, the same as the previous month.
Published at 8:39 a.m. Updated at 9:06 a.m.
Prices have been pushed up by the increase in package tour prices, according to Statistics Canada.
On the other hand, the rise in food prices has slowed. The price of food in grocery stores increased by 4.7%, compared to 5.4% the previous month. This is the fifth consecutive monthly slowdown. The price of cell phone services and fuel oil are down compared to last year.
In Quebec, inflation slowed to 3.6%, following being 4.2% in November.
Most economists expected the inflation rate to fall in November to get closer to the Bank of Canada’s 2% target. The lack of progress is also notable on the low inflation measures monitored by the central bank, which have also stagnated.
The Bank of Canada is maintaining its key rate at 5% pending lasting progress on the inflation front.
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