Canadian Consumer Price Index Up Month-Over-Month and Year-Over-Year in November
"The Daily" and key data tables
Statistics Canada (StatsCan) released today (12-15-21) the Canadian Consumer Price Index (CPI) for November. The CPI rose 4.7% on a year-over-year basis in November, matching the increase in October. Excluding gasoline, the CPI rose 3.6% year over year, also matching the gain in October.
On a monthly basis, the CPI edged up 0.2% in November, following a 0.7% increase in October. Prices rose in all eight major components on a year-over-year basis in November, with transportation and shelter prices contributing the bulk of the CPI increase.
Wage data, which maintains employment composition by occupation and tenure, from the Labor Force Survey found that wages rose 2.8% during the same period, meaning that, on average, prices rose faster than wages, and Canadians experienced a decline in purchasing power.
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