Report shows a mixed picture of price increases and decreases beneath topline number
Canada's Consumer Price Index (CPI) stayed steady at 2.2 per cent in November, despite some significant changes in underlying inflation metrics.
Grocery price inflation rose to its highest point since the end of 2023, now up 4.7 per cent year over year, and up from 3.4 per cent in October. Beef prices increase 17.7 per cent while coffee rose 27.8 per cent.
Gasoline prices continued to fall in November, down 7.8 per cent afer October's drop of 9.4 per cent.
Prices for services rose more slowly in November, up 2.8 per cent after a 3.2 per cent rise in October. Prices for travel tours decline 8.2 per cent in November, which StatCan notes was a product of lower deman for destinations in the United States.
Prices for hotels and travel accomodation fell significantly in a year-over-year basis, with the most notable decline found in Ontario. That price drop of 20.2 per cent year-over-year, can be largely attributed to Taylor Swift's Eras Tour concerts in Toronto in November of 2024.
