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Canada: Annual CPI falls to 1.7% in November vs 1.8% expected

"The Consumer Price Index (CPI) rose 1.7% on a year-over-year basis in November, following a 2.4% increase in October," Statistics Canada reported on Wednesday.

Key takeaways from the press release

  • This is the smallest year-over-year increase in the CPI since January 2018, primarily reflecting recent declines in gasoline prices.
  • Excluding gasoline, the CPI rose 1.9% in November.
  • Energy costs declined 1.3% compared with November 2017, following a year-over-year increase (+7.9%) in October. 
  • Prices for durable goods declined 0.1% year over year, following a 0.9% gain in October.

Meanwhile, the Bank of Canada's core CPI came in at -0.2% on a monthly basis in November to bring the annual rate down to 1.5% from 1.6%.

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