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

PHOTOS: Tour de Rock riders zoom through Sooke, visit big donor

11-year-old Sooke girl raised over $10,000 for Tour de Rock with bottle drive

Sooke seeks feedback on new building regulation bylaw

In addition to the online survey, a virtual online meeting takes place Oct. 22

Worklink march in Langford supports Orange Shirt Day

Ahousaht Prayer Song sets the tone

No ‘harmonious solution’ dogs on beaches in Saanich, community-led study finds

Cadboro Bay Residents’ Association present findings to council Sept. 28

Langford launches new campaign to support local eateries

Participating eateries will introduce a new dish and a discount

B.C. counts 125 new COVID-19 cases, up to 1,284 active

No new deaths or health care facility outbreaks

Health Canada green-lights rapid COVID-19 test

Health Canada approved the BCube test from Hyris Ltd. in the United Kingdom Sept. 23

FINLAYSON: COVID-related job losses concentrated in urban areas… especially Metro Vancouver

The biggest job losses, in absolute terms, have been in Metro Vancouver

6 puppies rescued in mass seizure on Princeton farm die from illness: BC SPCA

Of the 97 distressed horses, cats and dogs seized, most of the puppies suffered from parvo

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Action demanded over death of First Nations youth in Abbotsford group home

Family and Indigenous organizations push for thorough investigation

U.S. boater fined $1,000 for violation of Quarantine Act

49-year-old man entered Canada to visit girlfriend in Surrey

More sex abuse charges laid against B.C. man who went by ‘Doctor Ray Gaglardi’

Investigators now focussing efforts on alleged victims within the Glad Tidings Church community

Reader’s Lens

Reader’s photo of the week

Most Read