- The previous month, 3.1% on an annual basis
- Consumer Price Index inflation on an annual basis was 3.1% versus 2.9% expected
- Monthly CPI inflation rose 0.1% versus estimates of -0.1%. Previous month 0.1%
Basic measures
- The Bank of Canada’s core Consumer Price Index (CPI) rose year-on-year by 2.8% versus 2.7% last month.
- The Consumer Price Index (CPI) from the Bank of Canada rose 0.1% month-on-month compared to 0.3% last month.
- Monthly SA core CPI rose 0.3% versus 0.3% last month
- It decreased by 3.5% compared to 3.5% last month
- Average 3.4% vs 3.4% his month. Revised from 3.6%
- Subscriber rate: 3.9% compared to 4.2% last month
Highlights:
Grocery prices continue to rise
- Overall increase in grocery prices slows: In November, the rate of increase in grocery prices slowed to 4.7%, compared to 5.4% in October.
- Five-month trend: This marks the fifth consecutive month of annual slowdown in grocery price growth.
- Main contributors to the slowdown:
- Non-alcoholic drinks: Prices fell by 0.6%.
- Fresh vegetables: Prices rose, but by a smaller rate of 2.5%.
- Other food preparations: Prices rose by 6.4%.
- Influencing factors: A combination of international and local factors.
- Categories with the fastest price increases:
- Meat: Prices rose by 5.0%.
- Preserved vegetables and vegetable preparations: Prices rose by 5.8%.
- Sugar and sweets: Prices witnessed a significant increase of 8.3%.
Service prices are still high:
- Service prices are still high: In November, utility prices rose 4.6% year-on-year, consistent with the increase in October.
- A significant increase in travel prices:
- November high: Travel prices rose significantly by 26.1% year-on-year.
- Compared to October: This represents a significant jump from the 11.3% increase in October.
- main reason: This is largely due to events that occurred in destination cities in the United States during the month of November.
- Low prices for cellular services:
- Huge price drop: Mobile phone service prices decreased by 22.6% compared to November 2022.
- Effect of promotions: The sales were influenced by industry-wide promotions ahead of Black Friday, offering cheaper mobile phone plans and additional data.
Energy prices fall further year on year:
- General decline in energy prices: Energy prices fell more in November (-5.7%) than in October (-5.4%).
- Significant decline in fuel oil prices:
- Dramatic fall in November: Fuel oil and other fuel prices fell by 23.6%.
- Comparison with October: This follows a 12.6% decline in October.
- Influencing factor: This decline was due in part to the temporary suspension of the federal carbon tax on fuel oil.
- Electricity price increase:
- November rise: Electricity prices rose by 8.2% year on year.
- Compared to October: This was a higher increase than 6.7% in October.
- The main reason: This increase was mainly due to higher prices in Ontario (+7.0%), linked to increased time-of-use rates.