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

Just Posted

White Rock Players Club productions up for CTC Awards

Three productions receive a total of 19 nominations

Surrey councillors wary of ‘streamlining’ environmental development permits process

Mayor Doug McCallum notes B.C. government only agency that can issue environment permit

Lost season ‘disappointing’, but White Rock Renegades eager to play outside competition

South Surrey softball organization president hopes inter-city play is a few weeks away

City buys century-old East Delta church

St. Stephen’s Church to be renovated and restored, used as community services and programming space

Oh baby, what a birthday gift: $2.8M raised to help Surrey boy with rare disease

‘We are very thankful to everybody,’ Aryan Deol’s father says

B.C. records 30-50 new COVID-19 cases a day over weekend, no new deaths

Many of those testing positive were identified by contact tracing for being linked to other confirmed infections

Five B.C. First Nations call out Canada for ‘discriminatory’ food fish practices

West Coast nations say government ignoring court-won right to chinook and coho

Salmon arrive in larger numbers at Big Bar landslide

Arrival follows historic hihg-water levels that halted migration runs

B.C. marine ecologist wants Canada to sink its teeth into shark protection

Gulf Islands scientist says top predator under shocking threat from human behaviour

Rent-relief program becomes new front in fight between Liberals, opposition

Opposition trying to draw parallels between decision to have Canada Mortgage and Housing Corp. run program and the WE controversy

Ottawa sets minimum unemployment rate at 13.1% for EI calculation

Statistics Canada says the unemployment rate was 10.9 per cent in July

$45K in donations received after couple’s sudden death in Tulameen

Sarah MacDermid, 31, and Casey Bussiere, 37, died August long weekend

Famous Yukon-based bhangra dancer brings movements of joy to Long Beach

Internet-famous dancer is exploring Vancouver Island, visiting the B.C. Legislature and more

Most Read