Canada Inflation November 2018

Canada

Canada: Inflation in November falls below the Bank's target for the first time in 10 months

December 19, 2018

Seasonally-adjusted consumer prices fell 0.2% from a month earlier in November, contrasting October’s 0.3% increase. According to Statistics Canada, the decline was driven by lower health and personal care and transport prices. Moreover, gasoline prices continued to sprawl down.

Inflation ticked down to 1.7% in November, from 2.4% in October slightly below market expectations and marked the first time in 10 months inflation was under the Bank’s target of 2.0%. Meanwhile, annual average inflation was unchanged in November from the previous month at 2.3%. Core inflation, which excludes volatile items including fuels and fresh produce, inched down to 1.5% from Octobers 1.6%.

In its July monetary policy report, the Bank of Canada forecast inflation averaging 2.4% in 2018 and 2.2% in 2019. FocusEconomics Consensus Forecast analysts see inflation averaging 2.2% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, our panelists see inflation averaging %, unchanged from last month’s forecast.


Author:, Economist

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Canada Inflation November 2018 0

Note: Year-on-year and month-on-month variation of seasonally-adjusted consumer price index in %.
Source: Statistics Canada (SC).


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