Arab Canada News

News

Canadian Statistics: Inflation rate slows to 6.8% in November

Canadian Statistics: Inflation rate slows to 6.8% in November

By م.زهير الشاعر

Published: December 21, 2022

Canada's Statistics Agency said on Wednesday that the annual inflation rate in Canada slowed to 6.8 percent in November amid falling prices at the fuel station.

The federal agency said grocery prices rose by 11.4 percent year-over-year in the month, compared to an annual increase of 11.0 percent in October.

The country's annual inflation rate remained steady at 6.9 percent in September and October.

The latest Consumer Price Index report issued by Statistics Canada today indicated that the slowdown in gasoline and furniture prices was offset by the rapid rise in living costs.


Grocery prices rose faster year-over-year in November, with prices increasing by 11.4 percent.

It is worth noting that the Bank of Canada had raised interest rates rapidly this year to calm decades-high inflation and slowly spending in the economy.

After raising the key interest rate for the seventh consecutive time in early December, the central bank indicated it is open to pressing to stop the strong interest rate hike cycle.

Comments

Related