Canada's inflation rate slowed to 2.8% in November 2024, down from 3.1% in October. While this marks a significant cooldown, food inflation continues to outpace overall inflation, driven in part by the weakening Canadian dollar against the U.S. dollar. StatCan points to factors such as Black Friday sales, declining travel tour costs, and a cooldown in mortgage interest costs as contributing to the slowdown. However, shelter costs and food prices remain elevated compared to previous years.
Food inflation continues to outpace overall inflation, and economists say consumers should prepare for that to continue. As Anne Gaviola reports, a lot of it has to do with how weak the Canadian dollar is against the U.S. dollar – Nov 23, 2024
That’s down from an inflation rate of two per cent in October. On a month-to-month basis, gasoline prices were steady in November. Black Friday sales also helped to drive prices down last month, particularly on cellular services and furniture. A monthly decline of 4.9 per cent in the cost of children’s clothing was the largest ever on record for November, the agency said.While rents were higher annually in provinces including Ontario, Manitoba and Nova Scotia, StatCan said that a cooldown in the mortgage interest cost index helped to tame shelter inflation last month.
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