What happened to Canada's inflation rate in November?

Last Updated Dec 21, 2022, 9:40AM EST. Canada’s annual inflation rate edged down slightly to 6.8 per cent in November. In its latest consumer price index report released Wednesday, Statistics Canada said slower price growth for gasoline and furniture last month was offset by rapidly rising shelter costs and stubbornly high grocery prices.

What's driving up inflation in Canada?

What's driving up inflation? Canada's inflation rate remained at 4.7 per cent in November, matching the annual pace seen the previous month. The data point released by Statistics Canada on Wednesday morning was in line with economist expectations, tying October's level, which was the highest inflation rate since 2003.

Will the bank of Canada control inflation?

We also know there could be setbacks along the way, and we can’t afford to let high inflation become entrenched. Atlantic Canadians will rebuild after this storm as they always have. And the Bank of Canada will control inflation as it has for the last 30 years. We are resolute in our commitment to restore price stability for all Canadians.

How do economists measure inflation in Canada?

To measure the rate of inflation, economists in Canada use the Consumer Price Index (CPI). The CPI looks at a "basket" of goods and services that roughly represents what the average consumer purchases. Statistics Canada updates what this basket contains every two years so the measure continues to reflect how Canadians are spending their money.