Inflation Rises 2.2% in November
CBJ — The rate of inflation may be creeping up a bit more than the Bank of Canada would like, after Statistics Canada revealed the November consumer price index came in a 2.2%, which is above the bank’s optimal zone between 1.5% and 2%. It had registered gains of 1.9% for the three months prior to that.
The main reason for the added inflation last month is due to gasoline prices posting their first year-over-year increase since October 2018.
Energy prices were up 1.5% compared with the same month in 2018.
Excluding gasoline the CPI was up 2.3% compared with a year ago, matching the increase in October.
The price of meat surged 5.2% compared with a year ago, which marks five consecutive monthly increases in excess of 4%. The cost of fresh or frozen beef was up 6.2%, while ham and bacon prices were up more than 9%. Fresh or frozen pork moved up 0.7%.