Inflation cools to 1.9% in November in ‘broad-based’ slowing
Global News
The annual rate of inflation cooled to 1.9 per cent in November with Statistics Canada citing a slowdown in travel tour prices as one factor keeping price pressures tame.
The annual rate of inflation slowed to 1.9 per cent in November, Statistics Canada said Tuesday.
The agency cited a “broad-based” slowing in price hikes, particularly on travel tours and on mortgage costs, contributing to the cooling off.
That’s down from an inflation rate of two per cent in October.
Prices in food at the grocery store were up 2.6 per cent annually, also down a tick from October’s figures.
On a month-to-month basis, gasoline prices were steady in November.
The November inflation data comes as the Canadian economy struggles and the Bank of Canada trims its key interest rate, looking to stimulate growth heading into 2025.
The Canadian dollar briefly dipped below 70 cents to its U.S. counterpart on Tuesday before the inflation data was released. That puts pressure on the cost of imports from south of the border, often affecting prices on autos and some groceries.
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