Canadian Consumer Price Index Increases 3.1% Year-Over-Year in November

Statistics Canada (StatCan) reported on Tuesday (12-19-23) that the Canadian Consumer Price Index (CPI) increased 3.1% year-over-year in November, following a similar 3.1% increase in October. Excluding food and energy, the CPI increased 3.5% in November, following a 3.4% gain in October.

StatCan notes that Canadians continue to feel the impact of higher prices for mortgage interest costs, up 29.8%, along with rent, up 7.4%, and food purchased from stores, up 4.7%. These three items were the largest contributors to the year-over-year increase in November.

On a monthly basis, the CPI increased 0.1% in November, the same growth rate as in October. A slower decline in gasoline prices in November contributed to the upward CPI pressure. On a seasonally adjusted monthly basis, the CPI in November rose 0.3%.