Inflation Rises 2.2% in November

inflation up

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%.

@CanBizJournal

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