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HomeWorld NewsCanada newsInflation rate cooled to 6.8% in November as gas got cheaper —...

Inflation rate cooled to 6.8% in November as gas got cheaper — but food keeps getting more expensive

Business·Breaking

Canada’s inflation rate cooled to 6.8 per cent last month as prices for gasoline and furniture went down, but the cost of food and rent went up.

Economists had been expecting the overall rate to cool by even more, to 6.7%

inflation rate cooled to 6 8 in november as gas got cheaper but food keeps getting more expensive 1
Canada’s inflation rate has cooled from record highs this summer in large part due to a big drop in the price of gasoline. (Alex Lupul/CBC)

Canada’s inflation rate cooled to 6.8 per cent last month as prices for gasoline and furniture went down, but the cost of food and rent went up.

Statistics Canada reported Wednesday that gasoline prices across the country fell by 3.6 per cent during the month.

But those modest savings were offset by another uptick in the price of food, which has increased by 11.4 per cent in the past year.

Economists were expecting the inflation rate to come in a little lower, at 6.7 per cent.

More to come

ABOUT THE AUTHOR

inflation rate cooled to 6 8 in november as gas got cheaper but food keeps getting more expensive 2

Pete Evans is the senior business writer for CBCNews.ca. Prior to coming to the CBC, his work has appeared in the Globe & Mail, the Financial Post, the Toronto Star, and Canadian Business Magazine. Twitter: @p_evans Email: pete.evans@cbc.ca

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