OTTAWA –
Statistics Canada’s consumer price index report today says inflation edged lower to 1.9 per cent in November.
That’s down from two per cent in October.
Shelter costs increased at a slower annual pace of 4.6 per cent, while rent price inflation accelerated to 7.7 per cent.
Grocery prices continued to grow faster than overall prices, rising 2.6 per cent from a year ago.
Inflation has hovered around the two per cent target for several months now, clearing the path for the Bank of Canada to lower interest rates.
After delivering a second consecutive half-percentage point rate cut last week, Bank of Canada governor Tiff Macklem signalled there would be more rate reductions, but that the central bank was to likely decrease the size of cuts.
This report by The Canadian Press was first published Dec. 17, 2024.