Inflation in Canada has continued to moderate, reaching 1.9% in November. This decrease from October's 2% rate suggests a stabilizing trend. While shelter costs remain elevated, the report indicates a possible shift in the inflation landscape.
OTTAWA — Inflation edged down slightly to 1.9 per cent in November as price growth continued to stabilize in Canada . Statistics Canada ’s consumer price index report Tuesday showed inflation was down from two per cent in October. Shelter costs increased at a slower annual pace of 4.6 per cent, while rent price inflation accelerated to 7.7 per cent. Grocery prices continued to grow faster than overall prices, rising 2.6 per cent from a year ago.
Inflation has hovered around the Bank of Canada's two per cent target for several months now, clearing the path for the bank to lower interest rates. After delivering a second consecutive half-percentage point rate cut last week, governor Tiff Macklem signaled there would be more rate reductions coming, but that the central bank was to likely decrease the size of cuts. The central bank’s key interest rate now stands at 3.25 per cent. Tuesday’s report showed the Bank of Canada’s preferred core measures of inflation held steady at 2.6 and 2.7 per cent. The overall slowdown in inflation comes as goods price inflation grinds to a halt, while high wage growth and rising housing costs continue to push up service prices
INFLATION CANADA BANK OF CANADA INTEREST RATES ECONOMY
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Inflation Dips to 1.9% in NovemberInflation in Canada eased slightly to 1.9% in November, continuing a trend of stabilization. While grocery prices remain elevated, slower shelter cost growth and the Bank of Canada's rate cuts are contributing to the overall decline.
Read more »
Here's a quick glance at unemployment rates for November, by Canadian cityOTTAWA — The national unemployment rate was 6.8 per cent in November. Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities.
Read more »
Here's a quick glance at unemployment rates for November, by Canadian cityOTTAWA — The national unemployment rate was 6.8 per cent in November. Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities.
Read more »
Canadian Rents Decline To 15-Month Low In NovemberTeagan has covered Toronto, GTA, and Ontario cottage country real estate. Before coming to STOREYS as a staff writer, she was a freelance writer for Toronto Life and Cottage Life.
Read more »
Canadian annual home sales surged in November, with prices rising as interest rates fallA sold sign in front of homes in the Riverside South neighbourhood of Ottawa on Aug. 30, 2024.
Read more »
Here's a quick glance at unemployment rates for November, by Canadian cityOTTAWA — The national unemployment rate was 6.8 per cent in November. Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities.
Read more »