Statistics Canada announced Wednesday morning that Canada’s annual rate of inflation fell slightly in November, but food prices continued to soar.
Inflation fell slightly in November, but for most Canadian households, it probably didn’t feel like much of a break.
The Consumer Price Index was 6.8 higher in November than it was a year ago. That’s a slight drop from the 6.9 per cent annual pace seen in October.The double whammy of food and shelter both going up was a discouraging sign for Pedro Antunes, chief economist at the Conference Board of Canada. The price Canadians pay for groceries continues to soar, with the annual food inflation rate hitting 11.4 per cent, up from 11 per cent in October. The price for shelter rose 7.2 per cent in November compared to a year earlier, thanks largely to increases in rent, and mortgage interest cost.Anti-poverty activist Leila Sarangi called the situation distressing. .
The Bank of Canada has raised its key overnight lending rate seven times this year in an attempt to slow down inflation. The rate started the year at 0.25 per cent but now sits at 4.25 per cent.
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