Inflation in Canada cooled to 1.9% in November, marking a continued stabilization in price growth. While shelter costs increased at a slower pace, rent inflation accelerated. The figures suggest the Bank of Canada may continue to lower interest rates.
December 17, 2024 at 7:35AM ESTInflation 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.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 signalled there would be more rate reductions coming, but that the central bank was to likely decrease the size of cuts.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.
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