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Inflation in Canada drops to 6.8% in November



The Consumer Price Index was down slightly in November, to 6.8%, after rising 6.9% in October.

Excluding food and energy, prices rose 5.4% year over year in November, says Statistics Canada

Slower growth in gasoline and furniture prices was partially offset by faster growth in mortgage interest and rent costs.

At the grocery store, it continues to cost more. Prices for food purchased from stores rose 11.4% year over year in November, after increasing 11.0% in October. Food price inflation has remained widespread, and price growth at grocery stores has outpaced the all-items index every month since December 2021.

On a monthly basis, the CPI rose 0.1% in November after posting a 0.7% increase in October. On a seasonally adjusted monthly basis, the CPI rose 0.4%.

In Quebec, the annual inflation rate went from 6.4% to 6.8%.

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