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Canada Inflation November 2023

Canada: Inflation holds stable in November

Inflation held steady at October’s 3.1% in November, the joint-weakest inflation rate since June and only marginally above the Central Bank’s 1.0%–3.0% target range. However, the reading was above market expectations of 2.9%. Looking at the details of the release, prices for food and housing increased at a more moderate pace in November. In contrast, prices for transportation contracted at a slightly softer rate compared to the previous month’s reading.

The trend pointed down, with annual average inflation coming in at 4.1% in November (October: 4.4%). Meanwhile, core inflation ticked up to 2.8% in November, from October’s 2.7%.

Finally, consumer prices increased 0.13% in November over the previous month, picking up from the 0.06% rise seen in October.

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