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Consumer Price Index, November 2023
The Consumer Price Index (CPI) rose 3.1% on a year-over-year basis in November, matching the 3.1% increase in October. In November, higher prices for travel tours put upward pressure on the CPI. Offsetting the upward pressure was slower price growth, on a year-over-year basis, for food alongside lower prices for cellular services and fuel oil. Excluding food and energy, the CPI increased 3.5% in November, following a 3.4% gain in October. Canadians continued to feel the impact of higher prices for mortgage interest costs (+29.8%), food purchased from stores (+4.7%) and rent (+7.4%), which were the largest ... (full story)
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Canada's inflation rate sticks at 3.1 per cent in November, above economist expectations
Canada's annual inflation was 3.1 per cent November, according to Statistics Canada, leaving it unchanged from the previous month. The monthly rate of inflation was 0.1 per cent, also the same as data released in October. Economists surveyed by Bloomberg had expected the Consumer Price Index (CPI) to decelerate to an annual rate of 2.8 per cent in November, a drop from 3.1 per cent in October. Bank of Canada Governor Tiff Macklem said in a speech last week that the central bank needs to see evidence that "inflation is on a sustained downward track" before it can begin discussing cutting its benchmark rate. The Bank ... (full story)