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- Canadian Consumer Price Index (CPI) rose 1.7% on a year-over-year basis in November, following a 2.4% increase in October
Canadian Consumer Price Index (CPI) rose 1.7% on a year-over-year basis in November, following a 2.4% increase in October
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.
All eight major components rose year over year. The shelter index (+2.4%) was the largest contributor to the increase. Recent interest rate increases continued to impact the mortgage interest cost index (+7.2%) in November, which recorded its largest year-over-year gain since October 2008.
Energy costs declined 1.3% compared with November 2017, following a year-over-year increase (+7.9%) in October. Gasoline prices fell 5.4% year over year, as declining global crude oil prices led to lower prices at the pump and the first 12-month decrease in the gasoline index since June 2017. Similarly, the year-over-year gain in the price of fuel oil and other fuels was smaller in November (+17.0%) than in October (+25.0%).
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