Statistics Canada says the annual pace of inflation heated up in November as gasoline prices posted their first year-over-year increase since October last year. The agency says the consumer price index rose 2.2 per cent compared with a year ago to end a three-month streak where the annual pace of inflation had held steady at 1.9 per cent.
The increase in inflation came as energy prices in November climbed 1.5 per cent year-over-year compared with a decline of 2.9 per cent in October. Gasoline prices were up 0.9 per cent year-over-year compared with a drop 6.7 per cent in October.
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Statistics Canada noted that gasoline prices dropped sharply in November 2018 when oil prices fell.
The average of Canada’s three measures for core inflation, which are considered better gauges of underlying price pressures, was 2.17 per cent compared with a revised figure of 2.10 per cent for October.