The Consumer Price Index (CPI) in Canada exhibited a 3.1% year-over-year increase in November, matching the growth seen in October. This rise was influenced by increased prices for travel tours, while slower price growth for food, along with reduced costs for cellular services and fuel oil, offset the upward pressure. Excluding food and energy, the CPI saw a 3.5% increase in November, slightly higher than the 3.4% gain in October.
Key Highlights:
- On a monthly basis, the CPI increased by 0.1% in November, mirroring the growth rate in October.
- Canadians experienced the impact of higher prices for mortgage interest costs (+29.8%), food purchased from stores (+4.7%), and rent (+7.4%), which were the major contributors to the year-over-year increase.
- Gasoline prices fell less in November (-3.5%) compared to October (-6.4%), resulting in upward pressure on the monthly CPI figure. On a seasonally adjusted basis, the CPI rose 0.3% in November.
Grocery Prices and Services:
- Grocery prices continued to increase in November (+4.7%), although at a slower pace than October (+5.4%). This marked the fifth consecutive month of slowed year-over-year growth.
- Prices for non-alcoholic beverages (-0.6%), fresh vegetables (+2.5%), and other food preparations (+6.4%) contributed to the slowdown.
- Prices for meat (+5.0%), preserved vegetables and vegetable preparations (+5.8%), and sugar and confectionery (+8.3%) increased at a faster pace in November.
- Prices for services remained elevated in November, rising 4.6% year over year, with an acceleration in travel tour prices (+26.1%) compared to October (+11.3%).
Energy Prices:
- Energy prices fell by 5.7% year over year in November, led by lower prices for fuel oil, which fell 23.6% at the national level.
- Electricity prices rose 8.2% year over year in November, moderating the overall decline in energy prices.
Regional Highlights:
- Prices increased year over year in all provinces in November, although at a slower pace compared to October in six provinces.
The November figures highlight the ongoing challenges in managing inflationary pressures in Canada, with specific impacts on consumer goods, services, and energy prices.
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