Inflation Rate Holds Steady at 3.1 Percent in November as Grocery Price Growth Slows

Published on December 19, 2023

Canada’s annual inflation rate was unchanged last month, holding steady at 3.1 percent as progress on tamping down price growth stalled. The November consumer price index report released on Dec. 19 from Statistics Canada shows higher prices for recreation and clothing put upward pressure on inflation. But the report spelled some good news when it comes to groceries as the pace of price increases eased for a fifth consecutive month. Grocery prices were up 4.7 percent from a year ago, marking a slowdown from 5.4 percent in October. Prices for services were unchanged last month as higher prices for travel tours were offset by lower prices for cellphone services....

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