Canada’s annual inflation rate down slightly to 6.8%


#inflation #inflation #canada #debt

Canada’s annual inflation rate edged down slightly to 6.8 per cent in November, but that’s little relief for Canadians who are facing rapidly rising grocery and shelter costs.

The Consumer Price Index (CPI) rose 6.8% year over year in November, following a 6.9% increase in October, Statistics Canada said on Wednesday.

Excluding food and energy, prices rose 5.4% on a yearly basis in November, following a gain of 5.3% in October.

Slower price growth for gasoline and furniture was partially offset by faster growth in mortgage interest cost and rent.

On a monthly basis, the CPI rose 0.1% in November following a 0.7% gain in October. On a seasonally adjusted monthly basis, the CPI was up 0.4%.

On a monthly basis, gasoline prices fell 3.6% in November following a 9.2% increase in October, largely driven by price declines in Western Canada. The reopening of refineries in the western United States contributed to lower prices in British Columbia, Alberta, Saskatchewan and Manitoba.

Year over year, gasoline prices rose 13.7% in November after rising 17.8% in October.

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