17th December 2024: Canada’s inflation rate eased to 1.9% in November, a slight drop from October’s 2%, as price increases slowed across various sectors, Statistics Canada reported on Tuesday. On a month-to-month basis, the consumer price index (CPI) remained flat, defying predictions of a small 0.1% uptick.
Two key factors drove the decline: travel tour prices and mortgage interest costs. While travel service prices didn’t fall as sharply as in October—partly due to higher hotel rates fueled by major concerts—mortgage interest inflation continued its 15-month-long slowdown, settling at 13.2%, down from 14.7%.
Despite the overall easing, rent prices accelerated, rising 7.7% in November compared to 7.3% the previous month. Meanwhile, grocery prices inched up by 2.6% annually, a modest dip from October’s 2.7%. Gasoline prices also dropped, though the decline was milder at 0.5%, following October’s sharper 4% fall.
Core inflation indicators, which exclude extreme price changes, remained stable. CPI-median stayed at 2.6%, and CPI-trim held at 2.7%. The Bank of Canada will closely watch these figures ahead of its next interest rate decision in January.
The central bank has cut rates twice since June, bringing the total reduction to 175 basis points. However, Governor Tiff Macklem recently hinted at a more gradual approach to future rate cuts.
Following the data release, the Canadian dollar saw minor gains, trading at 1.4280 against the U.S. dollar. Markets currently place a 55% chance on another rate cut in January.
For Canadian households, the inflation story remains mixed: while mortgage costs are easing, rent and essential expenses like groceries continue to squeeze budgets, albeit at a slower pace.
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