A sign outside a building at Statistics Canada in seen in Ottawa on March 12, 2021. THE CANADIAN PRESS/Justin Tang
OTTAWA – Canada’s annual inflation rate fell slightly to 6.8 per cent in November.
That’s down from 6.9 per cent in October.
In Statistics Canada’s latest consumer price index report released today, the federal agency says slower price growth for gasoline and furniture was offset by rapidly rising shelter costs.
Grocery prices rose faster in November on a yearly basis, with prices up 11.4 per cent.
The Bank of Canada has raised interest rates rapidly this year to cool decades-high inflation and slow spending in the economy.
After raising its key interest rate for the seventh consecutive time in early December, the central bank signalled it’s open to pressing pause on its aggressive rate hike cycle.
This report by The Canadian Press was first published Dec. 21, 2022.
