November's increase in the CPI marks a 0.1% rise from October, Statistics Canada reported, or seasonally adjusted 0.4% From alicjawithaj
3 min readInflation in Canada jumped 6.8 per cent in November, Statistics Canada said on Wednesday, as gas prices eased, but the price of food increased at an even faster pace.
"Turning the temperature down on inflation is proving to be an achingly slow process, and we suspect this may be a theme for 2023," BMO chief economist Douglas Porter wrote in a research note on Wednesday, calling the reading "disappointingly high" as November is normally a weak month for prices. Mortgage interest costs were up 14.5 per cent annually as the Bank of Canada has aggressively hiked interest rates. November's increase was the largest annual jump since Feb. 1983. The rent index also surged 5.9 per cent in November, with prices accelerating the most in Prince Edward Island , British Columbia , Ontario and New Brunswick .
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