Year-over-year inflation remained virtually constant in November in Canada at 6.8%, but grocery prices rose at a slightly faster pace.
In its latest update to the Consumer Price Index (CPI), Statistics Canada reports that prices for food purchased from stores rose 11.4% year over year in November, after increased by 11.0% in October.
This increase in food prices was felt with an acceleration in the price growth of non-alcoholic beverages (+19.4%), fresh fruit (+11.0%) and meat (+6.2%). %), among others.
If food prices continue their upward trend, Canadians were able to enjoy a slight respite at the pumps in November, where gasoline prices fell 3.6% in November, on a monthly basis, after rising 9.2% in October.
According to Statistics Canada, this drop in prices is mainly due to the reopening of refineries in the western United States. Year over year, gasoline prices still rose 13.7% in November.
Inflation had increased by 6.9% in October in Canada.
Although inflation remains well above the Bank of Canada’s 2% target, economists have been encouraged by a slowdown in price growth in recent months.
The Bank of Canada, which has signaled that it may stop raising interest rates, will pay close attention to the latest Consumer Price Index report.