Canada Inflation November 2020

Canada

Canada: Inflation rises in November

December 16, 2020

Consumer prices rose a seasonally-adjusted 0.29% in November over the previous month, matching October's reading. The result was driven by moderating price pressures for housing and food, while prices for recreation, education and reading, and clothing and footwear increased notably in November.

Inflation came in at 1.0% in November, up from October’s 0.7%. November's reading marked the highest inflation rate since February. That said, the trend pointed down slightly, with annual average inflation coming in at 0.8% in November (October: 1.0%). Lastly, core inflation rose to 1.5% from October’s 1.0%.

Commenting on November’s print, James Marple a senior economist at TD Economics, noted:

“Not much to see here. Its hard to get excited about inflation that has remained so consistently below 2%. The Bank of Canada's pledge to keep monetary policy accommodative, which hinges on bringing inflation convincingly back to 2%, is of little risk of changing course with this reading.”

FocusEconomics Consensus Forecast analysts, see inflation averaging 1.6% in 2021, which is up 0.1 percentage points from the previous month’s forecast. For 2022, our panelists see inflation averaging 1.8%.


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Canada Inflation November 20 20

Note: Year-on-year and month-on-month variation of seasonally-adjusted consumer price index in %.
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