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

School District 42 provides update on continued learning plan

Superintendent Sylvia Russell says staff will be in touch with Ridge Meadows students and families

LETTER: Upset by province’s stance against Lower Mainland hospice

Vocal Maple Ridge anti-MAiDs advocate opposes cancelling of contract with Delta facility

LETTER: Pandemic a little surreal for this guy

One day soon, COVID-19 will simply be a footnote: one Maple Ridge reader

GUEST VIEW: Media importance never more apparent than with COVID-19

In swan-song column, reporter Phil Melnychuk suggests more concerted PR early on might have helped

Maple Ridge-Pitt Meadows MLA Lisa Beare announces $3 million in provincial funding for Arts and Culture

Eligible clients will receive supplement of up to $15,000 in early April to help pay bills

B.C. COVID-19 cases rise 92 to 884, one more death, 81 in care

Outbreak action underway in 12 long-term care homes

B.C. veterinarians want to smooth the fur of COVID-19-worried pet owners

Vets expect to continue giving your fur buddies the help they need while social distancing

B.C. VIEWS: Small businesses need our help

Just as integral in neighbourhoods in Vancouver and Surrey as they are in Prince George or Kelowna

‘Tremendous’ response from blood donors has supply keeping pace with demand

About 400,000 of Canada’s 37 million residents give blood on a regular basis

Morning world update: Cases surge past 600,000; positive news in Germany

Spain suffers its deadliest day as Germany considers April 20 to possibly loosen restrictions

VIDEO: Penguins roam empty halls of Vancouver Aquarium

COVID-19 has forced the Vancouver Aquarium to close access to guests – leaving room for its residents

Significant snowfall forecast for Interior mountain passes

Allison Pass, the Okanagan Connector, Rogers Pass and Kootenay Pass could see 15 to 25 cm of snow

Most Read