The inflation rate stood at 6.8%y/y in November after rising 6.9% in October, according to the latest Statistics Canada data released on Wednesday.
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Slower growth in gasoline and furniture prices was partially offset by faster growth in mortgage rates and rent costs, according to the federal agency.
Ex-food and energy prices rose 5.4% yoy in November after rising 5.3% the previous month.
gasoline falls
On a monthly basis, gasoline prices fell 3.6% in November after rising 9.2% in October.
“The reopening of refineries in the western United States has contributed to lower prices in British Columbia, Alberta, Saskatchewan and Manitoba,” Statistics Canada said.
Year-on-year, gasoline prices rose 13.7% in November.
Food prices still high
The cost of groceries did not fall in November as November posted an 11.4% yoy increase after October’s 11% increase.
An acceleration was noted for certain products, including soft drinks (+19.4%), fresh fruit (+11%) and meat (+6.2%).
Avian flu had a major impact on the cost of chicken, which increased by 9.3% between November 2021 and November 2022.
Edible fats and oils (+26%), coffee and tea (+16.8%), eggs (+16.7%) and cereal products (+15.7%) also recorded important increases.
Real estate prices are accelerating their growth
Pressure from mortgage interest rate and rent indices weighed on the housing index, which rose 7.2% year-on-year in November.
The cost of mortgage interest thus increased by 14.5% in November compared to 11.4% in October, when the rental index rose by 5.9% between November 2021 and November 2022. In Quebec, rental prices increased by 5.3%.
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