Statistics Canada says annual pace of inflation climbs to 2.2%

Gasoline prices were up 0.9 per cent year-over-year compared with a drop 6.7 per cent in October

The annual pace of inflation heated up in November as gasoline prices posted their first year-over-year increase since October 2018, Statistics Canada said Wednesday.

The agency said the consumer price index rose 2.2 per cent compared with a year ago to end a three-month streak where the annual pace of inflation had held steady at 1.9 per cent.

The increase in the pace of inflation compared with October came as energy prices in November posted their first year-over-year increase since April. Energy prices climbed 1.5 per cent compared with a year ago compared with a decline of 2.9 per cent in October.

Gasoline prices were up 0.9 per cent year-over-year compared with a drop 6.7 per cent in October.

Canadians also saw the price for meat rise 5.2 per cent compared with a year ago, the fifth month of increases at or above 4.0 per cent. The cost of fresh or frozen beef was up 6.2 per cent, while ham and bacon prices rose 9.1 per cent. Fresh or frozen pork was up 0.7 per cent.

Regionally, prices on a year-over-year basis rose more in November in every province except British Columbia.

Excluding gasoline, the consumer price index was up 2.3 per cent compared with a year ago, matching the increase in October.

The overall increase in prices was driven by increased mortgage interest costs, passenger vehicles and auto insurance premiums. The increases were partly offset by lower prices for telephone services, Internet access and traveller accommodation.

The average of Canada’s three measures for core inflation, which are considered better gauges of underlying price pressures, was 2.17 per cent compared with a revised figure of 2.10 per cent for October.

The core readings are closely monitored by the Bank of Canada, which adjusts its key interest rate target to manage inflation.

The central bank, which targets annual inflation of two per cent, has kept its key interest rate on hold at 1.75 per cent for more than a year.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Breast cancer screening available in Prince Rupert – ten days only

Mobile imaging suite will be in Prince Rupert from July 6 to 16

Heart of Our City: Ron Nyce

Teaching, dancing and encouraging culture create the heartbeat of this drummer

RCSCC 7 – Captain Cook is searching for new C.O.

Officer position will be vacant with CIC sailing away to different shores.

Police investigate July 2 homicide in Houston

Man succumbed to injuries at Pearson Road residence

Solidarity movement displayed in city

Prince Rupert locals demonstrated against

Following incident at sea, fishing lodge says it will reopen despite Haida travel ban

QCL reopens July 10, says president; Haida chief councillor describes ‘dangerous’ boating encounter

Kamloops RCMP officer’s conduct under review after blackface jokes on social media

Meinke’s Instagram is private and it’s unclear when the posts were made

NHL says 35 players have tested positive for COVID-19 since June 8

Positive rate for the league is just under 6%

Man charged in Rideau Hall crash had rifle, shotguns, high-capacity magazine: RCMP

Hurren is accused of threatening to cause death or bodily harm to the prime minister

B.C. extends income assistance exemption for COVID-19

Provincial program to match Ottawa’s CERB, student pay

Broadway veteran Nick Cordero dies from coronavirus complications

During Cordero’s hospitalization, Kloots sent him daily videos of her and their 1-year-old son, Elvis,

Most Read