Dec 21, 2022
By Jane Brown
Canada’s annual inflation rate came down slightly in November to 6.8 percent from 6.9 percent in both October and September.
And while gas prices were down last month, grocery prices continue to rise with the cost of food up 11.4 percent from November of 2021.
Slower price growth for gasoline as well as furniture was offset by rapidly rising shelter costs.
Mortgage interest costs were 14.5 per cent higher in November on an annual basis, while rent was up 5.9 per cent.
In June of this year, the annual cost of living rate peaked at 9.1 percent.
The Bank of Canada has raised interest rates rapidly this year to try to cool 40-year high inflation and slow spending in the economy.
And after raising its key interest rate for the seventh consecutive time December 7th, the central bank signalled it’s open to pausing its aggressive rate hike cycle in 2023.