Statistics Canada says annual pace of inflation climbs to 2.2%

Gasoline prices were up 0.9 per cent year-over-year compared with a drop 6.7 per cent in October

The annual pace of inflation heated up in November as gasoline prices posted their first year-over-year increase since October 2018, Statistics Canada said Wednesday.

The agency said the consumer price index rose 2.2 per cent compared with a year ago to end a three-month streak where the annual pace of inflation had held steady at 1.9 per cent.

The increase in the pace of inflation compared with October came as energy prices in November posted their first year-over-year increase since April. Energy prices climbed 1.5 per cent compared with a year ago compared with a decline of 2.9 per cent in October.

Gasoline prices were up 0.9 per cent year-over-year compared with a drop 6.7 per cent in October.

Canadians also saw the price for meat rise 5.2 per cent compared with a year ago, the fifth month of increases at or above 4.0 per cent. The cost of fresh or frozen beef was up 6.2 per cent, while ham and bacon prices rose 9.1 per cent. Fresh or frozen pork was up 0.7 per cent.

Regionally, prices on a year-over-year basis rose more in November in every province except British Columbia.

Excluding gasoline, the consumer price index was up 2.3 per cent compared with a year ago, matching the increase in October.

The overall increase in prices was driven by increased mortgage interest costs, passenger vehicles and auto insurance premiums. The increases were partly offset by lower prices for telephone services, Internet access and traveller accommodation.

The average of Canada’s three measures for core inflation, which are considered better gauges of underlying price pressures, was 2.17 per cent compared with a revised figure of 2.10 per cent for October.

The core readings are closely monitored by the Bank of Canada, which adjusts its key interest rate target to manage inflation.

The central bank, which targets annual inflation of two per cent, has kept its key interest rate on hold at 1.75 per cent for more than a year.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Fraser Valley Regional District office on Cheam Avenue in Chilliwack reopening with restrictions in place as of Oct. 16, 2020. (Paul Henderson/Chilliwack Progress file)
FVRD to reopen corporate office on a limited basis

Fraser Valley Regional District visitors will be screened and asked to maintain physical distancing

Over the last sixty years, temperatures have risen faster in Abbotsford than in Vancouver.
(Black Press file photo; Chart: Tyler Olsen)
The Fraser Valley has been warming at a quicker rate than Vancouver. Why?

Implications for agriculture and humans as data suggests region is warming at a rapid rate

Only one of four proposed stores have been recommended to be allowed to open in central Abbotsford.
City of Abbotsofrd map.
City staff recommend which four cannabis stores should get Abbotsford council’s OK

Plethora of applicants in central Abbotsford made location a key deciding fctor

In this photo provided by Shannon Kiss, smoke from the CalWood Fire billows, Sunday, Oct. 18, 2020, as seen from Gunbarrel, Colo. (Shannon Kiss via AP)
‘First guys out:’ western Canadian air tanker fleet busy despite drop in wildfires

CEO believes wildfires have become more dangerous in recent years as people live closer to where they start

The BC Ferries vessel the Queen of Oak Bay. (News Bulletin file photo)
‘Buy a boat,’ Horgan advises anti-maskers on BC Ferries

NDP leader John Horgan talks COVID-19 misinformation

Canadian and American flags fly near the Ambassador Bridge at the Canada-USA border crossing in Windsor, Ont. on Saturday, March 21, 2020. Restrictions on non-essential travel between Canada and the United States are being extended until at least Nov. 21. THE CANADIAN PRESS/Rob Gurdebeke
Non-essential travel restrictions at Canada-U.S. border extended to at least Nov. 21

The restrictions do not apply to those providing essential services in either country

Jordan Naterer, 25, was last seen Saturday Oct. 10. He planned a hike in the Manning Park area, and has not been seen since. Photo Facebook.
Family devastated as search for missing Manning Park hiker suspended

‘It was an extremely difficult meeting with the parents when we had to tell them.’

FILE - Nathan Cullen speaks to media in Smithers, B.C., Friday, February 28, 2020. THE CANADIAN PRESS/Jonathan Hayward
Horgan, Cullen apologize for NDP candidate’s comments about Haida candidate

Nathan Cullen had made insensitive comments about Roy Jones Jr. Cheexial

Six Mile Beach outside Nelson is known for its perfect sand, clear water and unique sand spit. But the drowning death of a man in July has residents asking if the dangerous spot has become too popular. Photo: David Grantham/Kootenay Drone Services
Dangerous oasis: The fatal history of a popular Kootenay Lake beach

Six Mile Beach near Nelson is known for its unique sand spit. But locals have feared it for decades

In this photo illustration, a provincial election mail-in ballot sealed in an Elections B.C. return envelope is seen before being deposited in a Canada Post mailbox, in Richmond, B.C., Saturday, Oct. 17, 2020. The final result of British Columbia’s provincial election won’t be known for at least two weeks because more than 700-thousand mail-in ballots have to be counted by hand. THE CANADIAN PRESS/Darryl Dyck
B.C.’s snap election means 700k ballots will be counted manually, delaying results

Elections BC spokesman said employees in 87 electoral districts will count mail-in ballots one by one

Chief Public Health Officer Dr. Theresa Tam takes part during a press conference during the COVID pandemic in Ottawa on Friday, Oct. 16, 2020. As parts of Canada face a new round of COVID-19-related restrictions, Canada’s chief public health officer is urging Canadians to continue making a “collective effort” to tackle the pandemic.THE CANADIAN PRESS/Sean Kilpatrick
Chief public health officer calls for continued ‘collective effort’ against COVID-19

Canada continues to climb toward the 200,000 mark for COVID-19 cases

Most Read