Annual Inflation 1% in November
CBJ — The consumer price index in November was up 1% compared with the same month in 2019.
While the November reading was half of the Bank of Canada’s desired 2% inflation rate it still represented the fastest monthly increase since the pre-pandemic days in February when it routinely exceeded the 2% threshold.
Driving the majority of the overall increase was an increase in home prices, rental properties as well as furniture and appliances.
Gasoline prices in November fell 12% year-over-year as the pandemic continued to weigh on demand.
Statistics Canada says the CPI excluding gasoline, was up 1.3% in November compared with a year ago.