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Inflation remains stable 3.1% in November in Canada

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The Bank of Canada has had to increase its key rate 10 times since March 2022 to calm the overheating of the Canadian economy.

  • Stéphane Bordeleau (View profile)Stéphane Bordeleau

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The consumer price index (CPI) rose 3.1% in November compared to the same period 12 months ago . This is an increase identical to that recorded in October (+ 3.1%).

This stagnation of inflation in November thwarts the forecasts of several economists, notably those at TD Bank and RBC, who anticipated a slowdown in inflation in November which would have brought the rate back into the 1% range. to 3% targeted by the Bank of Canada.

Among the things that contributed to maintaining inflation in November, Statistics Canada highlights the higher year-over-year price of organized travel (+26.1%). But it is above all the increase in mortgage interest costs (+29.8%), the price of food in stores (+4.7%) and rents (+7.4%) which have caused the worst thing for Canadians' wallets last month.

Price growth from one year to the next has nevertheless slowed down in several key sectors in November, including fuel oil, cell phone services and food.

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Prices for food purchased in stores continued to rise in November (+4.7%), but at a slower rate than in October (+5.4%), as food components recorded widespread slowdowns . This is the fifth consecutive month where a slowdown in price growth in grocery stores has been observed from one year to the next, notes Statistics Canada.

Excluding food and energy, the CPI rose 3.5% in November, the agency notes federal.

The price of heating oil and other fuels recorded a notable year-over-year decline of 23.6% in the country in November, after recording a decline of 12.6% in October. The temporary suspension of federal carbon pricing on fuel oil contributed to the drop, specifies Statistics Canada.

In Quebec, the inflation rate experienced a notable decline of 0.6 percentage points, bringing the rate from one year to the next from 4.2% in October to 3.6% in november. But despite the decline, inflation was still highest in Quebec in November in Canada, ahead of Ontario (3.3%) and British Columbia (3.2%).

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