Statistics Canada says its consumer price index in November was up one 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.
Economists had expected a year-over-year increase for November of 0.8 per cent, according to financial data firm Refinitiv.
BMO chief economist Doug Porter said that while the November reading was still well below the Bank of Canada’s two per cent target, it represented the fastest pace since the pre-pandemic days in February, when it was topping two per cent.
“It’s also the second highest among major economies, trailing only the latest U.S. pace of 1.2 per cent,” Porter said in a commentary.
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.
Statistics Canada says the consumer price index excluding gasoline in November was up 1.3 per cent compared with a year ago.