(The Canadian Press)

By The Canadian Press

INFLATION

Statistics Canada says annual inflation rate in November held steady at 4.7 per cent

Dec 15, 2021 | 9:12 AM

OTTAWA – Statistics Canada says the annual pace of inflation held steady in November as the consumer price index rose 4.7 per cent compared with a year ago.

The result matched the year-over-year increase in October, which was the largest year-over-year gain for the consumer price index since February 2003.

A key driver of inflation in November was once again the price of gasoline, which rose 43.6 per cent compared with the same month a year earlier, slightly above October’s year-over-year rise of 41.7 per cent.

Statistics Canada says the annual rate of inflation in November would have been 3.6 per cent if gasoline prices had been excluded, the same as in October.

Also fuelling gains in the consumer price index last month were increases in furniture and food prices.

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Statistics Canada says food prices rose 4.7 per cent in November compared with the same month a year ago for the largest increase since January 2015 when prices went up by 5.4 per cent.

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