• Prior month 3.1% YoY
  • CPI inflation YoY 3.1% versus 2.9% estimate
  • MoM CPI inflation 0.1% versus -0.1% estimate. Prior month 0.1%

Core measures

  • CPI Bank of Canada Core YoY 2.8% vs 2.7% last month
  • CPI Bank of Canada Core MoM 0.1% versus 0.3% last month
  • Core CPI MoM SA 0.3% vs 0.3% last month
  • Trimmed 3.5% versus 3.5% last month
  • Median 3.4% versus 3.4% has month. Revised from 3.6%
  • Common 3.9% versus 4.2% last month


Grocery prices continue to rise

  • Overall Grocery Price Increase Slows: In November, the rate of increase in grocery prices slowed to 4.7%, compared to 5.4% in October.
  • Five-Month Trend: This represents the fifth consecutive month of year-over-year slowdown in grocery price growth.
  • Significant Contributors to Slowdown:
    • Non-Alcoholic Beverages: Prices decreased by 0.6%.
    • Fresh Vegetables: Prices increased, but at a lower rate of 2.5%.
    • Other Food Preparations: Prices increased by 6.4%.
  • Influencing Factors: A combination of international and domestic factors.
  • Categories with Faster Price Increases:
    • Meat: Prices rose by 5.0%.
    • Preserved Vegetables and Vegetable Preparations: Prices increased by 5.8%.
    • Sugar and Confectionery: Prices saw a significant rise of 8.3%.

Service prices remain elevated:

  • Services Prices Remain Elevated: In November, service prices rose by 4.6% year over year, consistent with the increase in October.
  • Significant Increase in Travel Tours Prices:
    • November Spike: Prices for travel tours increased dramatically by 26.1% year over year.
    • Compared to October: This represents a significant jump from the 11.3% increase in October.
    • Main Reason: Largely due to events in destination cities in the United States during November.
  • Decline in Cellular Services Prices:
    • Significant Price Drop: Prices for cellular services dropped by 22.6% compared to November 2022.
    • Influence of Promotions: Reductions were influenced by industry-wide promotions ahead of Black Friday, offering cheaper cell phone plans and bonus data.

Energy prices fall to greater extend year on year:

  • Overall Decline in Energy Prices: Energy prices decreased more in November (-5.7%) than in October (-5.4%).
  • Significant Drop in Fuel Oil Prices:
    • Dramatic Fall in November: Prices for fuel oil and other fuels decreased by 23.6%.
    • Comparison with October: This follows a 12.6% decline in October.
    • Influencing Factor: The reduction was partly due to the temporary suspension of the federal carbon levy on fuel oil.
  • Increase in Electricity Prices:
    • November Rise: Electricity prices increased by 8.2% year over year.
    • Compared to October: This was a higher increase than the 6.7% in October.
    • Primary Cause: The rise was mainly due to higher prices in Ontario (+7.0%), linked to increased time-of-use rates.