OTTAWA –
Statistics Canada says the annual pace of inflation held steady in November as the consumer price index rose 4.7 per cent compared with a year ago.
The result matched the year-over-year increase in October, which was the largest year-over-year gain for the consumer price index since February 2003.
This is a breaking news update. Our earlier story follows.
Statistics Canada will release its latest reading for inflation this morning when it publishes its consumer price index for November.
The report comes after the annual inflation rate for October rose to 4.7 per cent, the largest year-over-year gain for the consumer price index since February 2003.
Inflation has soared in recent months as prices for gasoline, food and other items contributed to a higher cost of living for Canadians.
October marked seven straight months that headline inflation came in above the Bank of Canada’s two-per-cent target.
The Bank of Canada and federal government renewed their inflation targeting agreement this week.
They agreed to keep the inflation target in the one-to-three-per-cent range, but decided the central bank will also more formally keep close tabs on the labour market when making its interest rate decisions.
This report by The Canadian Press was first published Dec. 15, 2021.
