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

Statistics Canada says annual pace of inflation climbs to 2.2%

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

Saanich is preparing to repave Quadra Street between McKenzie Avenue and Falmouth Road. (District of Saanich/Twitter)
Repaving, culvert replacement begins on Quadra Street in Saanich

Lane closures, traffic impacts expected over several weeks

Langford Emergency Support Services marks its 25th anniversary this year.(Langford Emergency Support Services/Facebook)
Langford Emergency Support Services celebrates 25 years of community service

Group began in 1996 and was timely as a massive blizzard hit the region

James Taylor, a Saanich resident and member of the Curve Lake First Nation, walked all over Greater Victoria on May 5 in honour of Red Dress Day and the National Day of Awareness for Missing and Murdered Indigenous Women and Girls. (Devon Bidal/News staff)
Indigenous man walks Greater Victoria to honour missing and murdered women and girls

James Taylor, of the Curve Lake First Nation, marks Red Dress Day with healing walk, songs

Victoria police is asking for the public’s assistance in identifying this suspect after they allegedly robbed a Douglas Street bank on Tuesday. (Photo courtesy of VicPD)
Police seek identity of suspect who alllegedly robbed Victoria bank

Officers were called to a bank in the 1000-block of Douglas Street just after 5:30 p.m. on Tuesday

Jose Marchand prepares Pfizer COVID-19 vaccination doses at a mobile clinic for members of First Nations and their partners, in Montreal, Friday, April 30, 2021. The National Advisory Committee on Immunization is coming under fire after contradicting the advice Canadians have been receiving for weeks to take the first vaccine against COVID-19 that they’re offered. THE CANADIAN PRESS/Ryan Remiorz
Trudeau says he is glad he got AstraZeneca, vaccines are only way out of pandemic

‘The most important thing is to get vaccinated with the first vaccine offered to you’

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of May 4

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

(Black Press Media file photo)
POLL: Do you plan to travel on the Victoria Day long weekend?

It’s the unofficial start to the summer season. A time of barbecues,… Continue reading

B.C.’s provincial health officer, Dr. Bonnie Henry. THE CANADIAN PRESS/Jonathan Hayward
Dip in COVID-19 cases with 572 newly announced in B.C.

No new deaths have been reported but hospitalized patients are up to 481, with 161 being treated in intensive care

Protesters attempt to stop clear-cutting of old-growth trees in Fairy Creek near Port Renfrew. (Will O���Connell photo)
Clash between loggers, activists halts forestry operations over Fairy Creek

Forest license holders asking for independent investigation into incident

The courthouse in Nanaimo, B.C. (News Bulletin file)
Island man sentenced in Nanaimo after causing a dog unnecessary pain and suffering

Kiefer Tyson Giroux, 26, of Nanoose Bay, given six-month sentence

Following a one-year pause due to the pandemic, the Snowbirds were back in the skies over the Comox Valley Wednesday (May 5) morning. Photo by Erin Haluschak
Video: Snowbirds hold first training session in Comox Valley in more than 2 years

The team will conduct their training from May 4 to 26 in the area

Solar panels on a parking garage at the University of B.C. will be used to separate water into oxygen and hydrogen, the latter captured to supply a vehicle filling station. (UBC video)
UBC parkade project to use solar energy for hydrogen vehicles

Demonstration project gets $5.6M in low-carbon fuel credits

Most Read