Here's the Breakdown for Canada November CPI, in One Chart

The Canada CPI increased by 1.9% year-over-year in November, slightly down from a 2.0% rise in October. The deceleration was widespread, with notable slowdowns in clothing, household furnishings, and mortgage interest costs. Excluding gasoline, the CPI rose by 2.0%.

Monthly, the CPI remained unchanged in November after a 0.4% increase in October. Seasonally adjusted, it rose by 0.1%.

【Gasoline Prices】

Year-over-year, gasoline prices decreased by 0.5% in November, a smaller drop compared to October's 4.0% decline. This lesser decrease was influenced by a base-year effect. On a monthly basis, gasoline prices remained unchanged.

【Shelter Costs】

The growth in shelter costs moderated in November, with a year-over-year increase of 4.6%. Despite the overall slowdown, rent prices saw an acceleration, particularly evident in Ontario, Manitoba, and Nova Scotia. Conversely, mortgage interest costs continued their downward trend, marking the 15th consecutive month of deceleration.

【Impact of Black Friday Events】

Black Friday sales contributed to lower prices in several categories, notably household operations and clothing. The household operations index fell by 0.9% due to discounts on cellular services and furniture. Clothing prices also declined, with significant drops in children's clothing, marking a record decline for November.

【Travel Services】

Prices for travel services decreased less sharply in November (-6.7%) than in October (-7.1%), influenced by higher accommodation costs. Travel tour prices fell by 12.0% year-over-year, affected by a base-year effect and higher demand for U.S. destinations.

Bloomberg data shows that the market still expects the Bank of Canada to cut interest rates as originally anticipated.