Upward Pressure on the Canadian Consumer Price Index Eases in November

On Tuesday, Statistics Canada (StatCan) reported that the Consumer Price Index (CPI) rose 1.9% year-over-year in November, down from a 2.0% increase in October. Slower price growth was broad-based, with prices for travel tours and the mortgage interest cost index contributing the most to the deceleration. Excluding gasoline, the all-items CPI rose 2.0%, following a 2.2% gain in October.

Prices for food purchased from stores rose 2.6% year-over-year in November, down slightly from 2.7% in October. Despite the slowdown, grocery prices have remained elevated. Compared with November 2021, grocery prices rose 19.6%. Similarly, while shelter prices eased in November, prices have increased 18.9%.

On a monthly basis, the CPI was unchanged in November, following a 0.4% increase in October. On a seasonally adjusted monthly basis, the CPI rose 0.1%.