Canada Inflation November 2021

Canada

Canada: Inflation stable at near nine-year high in November

December 15, 2021

Consumer prices increased a seasonally-adjusted 0.35% over the previous month in November, a weaker increase than October's 0.56% rise. Looking at the details of the release, prices for food and beverages, and transport increased at a softer rate in November relative to the previous month.

Inflation came in October’s 4.7% in November—the joint-highest inflation rate since February 2003. Annual average inflation rose to 3.1% in November (October: 2.7%). Finally, core inflation fell from 3.8% in October to 3.6%.

Commenting on the latest inflation reading, Royce Mendes, senior economist at CIBC World Markets, noted:

“The inflation numbers were more muted than we and the Bank of Canada had feared. As a result, there are even fewer reasons to rush a rate hike in January, when the economy could be dealing with another harsh wave of Covid.”

FocusEconomics Consensus Forecast analysts, see inflation averaging 3.3% in 2022, which is up 0.1 percentage points from the previous month’s forecast. For 2023, our panelists see inflation averaging 3.1%.


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Canada Inflation November 2021

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


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