Inflation in Canada was at 6.8% on a year-over-year basis in November, down from a 6.9% gain in October, according to data from Statistics Canada. .Excluding food and energy, prices rose 5.4% on a yearly basis in November, following a 5.3% gain in October, according to the Wednesday data. The data said slower price growth for gas and furniture was offset by higher costs for mortgage interest and rent..The data went on to say gas prices fell 3.6% in November on a monthly basis following a 9.2% increase in October, which was driven by price declines in Western Canada. It said the reopening of refineries in the United States contributed to lower prices in British Columbia, Alberta, Saskatchewan, and Manitoba. .Gas prices rose by 13.7% in November on a yearly basis. .The data said food prices went up by 11.4% in November, compared to this time last year. It said food inflation remained broad-based, with grocery prices rising at a faster rate than every other item every month for the past year. .The food item seeing the largest price increase was edible fats and oils at 26%. .Subsequent to edible fats and oils was non-alcoholic beverages (19.4%). This was followed by coffee and tea (16.8%), eggs (16.7%), and cereal (15.7%). .Shelter prices rose by 7.2% in November on a yearly basis this year due to upward pressure from mortgage interest costs and rent indexes. .Mortgage interest costs rose by 14.5% because of higher interest rates. This increase was the largest since 1983. .The rent index increased by 5.9% this year. Rent prices accelerated the most in Prince Edward Island (12.6%), British Columbia (7.2%), Ontario (7.1%), and Quebec (5.3%). .The data said furniture prices rose 8.1% in November after eight consecutive months of increases above 12%. Supply chain constraints have eased throughout the second half of 2022, which it said might have contributed to the deceleration of furniture prices. .Cellphone service prices rose on a year-over-year basis for the first time in three years. Canadians paid 2% more compared to 2021, when prices fell amid a series of industry-wide promotions offering reduced prices for phone plans and bonus data..The Canadian Taxpayers Federation (CTF) demanded the federal government try and curb the rising cost of inflation in 2021. .READ MORE: CTF demands action on inflation.“Politicians keep talking about raising taxes, but we haven’t seen a plan showing how they’re going to make our lives a little more affordable,” said CTF Federal Director Franco Terrazzano. .“Canadians are worried about their grocery and gas bills and politicians can provide immediate relief by reducing taxes like other countries.”
Inflation in Canada was at 6.8% on a year-over-year basis in November, down from a 6.9% gain in October, according to data from Statistics Canada. .Excluding food and energy, prices rose 5.4% on a yearly basis in November, following a 5.3% gain in October, according to the Wednesday data. The data said slower price growth for gas and furniture was offset by higher costs for mortgage interest and rent..The data went on to say gas prices fell 3.6% in November on a monthly basis following a 9.2% increase in October, which was driven by price declines in Western Canada. It said the reopening of refineries in the United States contributed to lower prices in British Columbia, Alberta, Saskatchewan, and Manitoba. .Gas prices rose by 13.7% in November on a yearly basis. .The data said food prices went up by 11.4% in November, compared to this time last year. It said food inflation remained broad-based, with grocery prices rising at a faster rate than every other item every month for the past year. .The food item seeing the largest price increase was edible fats and oils at 26%. .Subsequent to edible fats and oils was non-alcoholic beverages (19.4%). This was followed by coffee and tea (16.8%), eggs (16.7%), and cereal (15.7%). .Shelter prices rose by 7.2% in November on a yearly basis this year due to upward pressure from mortgage interest costs and rent indexes. .Mortgage interest costs rose by 14.5% because of higher interest rates. This increase was the largest since 1983. .The rent index increased by 5.9% this year. Rent prices accelerated the most in Prince Edward Island (12.6%), British Columbia (7.2%), Ontario (7.1%), and Quebec (5.3%). .The data said furniture prices rose 8.1% in November after eight consecutive months of increases above 12%. Supply chain constraints have eased throughout the second half of 2022, which it said might have contributed to the deceleration of furniture prices. .Cellphone service prices rose on a year-over-year basis for the first time in three years. Canadians paid 2% more compared to 2021, when prices fell amid a series of industry-wide promotions offering reduced prices for phone plans and bonus data..The Canadian Taxpayers Federation (CTF) demanded the federal government try and curb the rising cost of inflation in 2021. .READ MORE: CTF demands action on inflation.“Politicians keep talking about raising taxes, but we haven’t seen a plan showing how they’re going to make our lives a little more affordable,” said CTF Federal Director Franco Terrazzano. .“Canadians are worried about their grocery and gas bills and politicians can provide immediate relief by reducing taxes like other countries.”
