Inflation up 1% in November, Statistics Canada says

By Staff The Canadian Press

Posted December 16, 2020 9:34 am EST

1 min read

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Canada's economy could contract in the first quarter of 2021 as rising COVID-19 infections dampen near-term growth, Bank of Canada Gov. Tiff Macklem said on Tuesday. While speaking with reporters, Macklem said that while the arrival of effective COVID-19 vaccines had created more clarity around when the pandemic will end, the worsening second wave was putting a "chop" in the recovery. – Dec 15, 2020

Statistics Canada says its consumer price index in November was up 1.0 per cent compared with a year ago. The increase compared with a year-over-year increase of 0.7 per cent in October and 0.5 per cent in September.

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Economists had expected a year-over-year increase for November of 0.8 per cent, according to financial data firm Refinitiv.

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Driving most of the increase was a rise in prices for homes, rent and goods around the house like furniture and appliances. Gasoline prices in November fell 11.9 per cent year-over-year as the pandemic continued to weigh on demand.