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2025-12-15 22:01:45
[Canadian Inflation Remains Sticky, Soaring Food Prices Offset Energy Deflation, Core Indicators Cool] ⑴ Canada's annualized inflation rate remained unchanged at 2.2% in November, primarily driven by food prices, which saw their fastest increase in over two years. ⑵ Year-on-year declines in gasoline and housing costs partially offset the impact of rising food prices; excluding gasoline, the November CPI rose 2.6% year-on-year. ⑶ The core inflation indicator, excluding volatile items, fell below 3% for the first time since March, below the upper limit of the Bank of Canada's inflation control range. ⑷ The Bank of Canada's preferred core indicators, the median and cut-off mean CPI, both fell to 2.8% in November, the first time they have fallen below 3% since the tariff policy took effect. ⑸ Overall food prices rose 4.2% year-on-year, the largest increase since December 2023, with grocery prices rising 4.7% and restaurant dining costs rising 3.3%. Adverse weather and trade policies are considered major factors driving up food prices. (6) Despite the cooling of core inflation, the strong rise in food prices indicates that the internal structure of inflation remains stubborn, which may make central banks cautious in their policy decisions.
