There was no change in the rate of inflation for November, according to Stats Canada's latest Consumer Price Index.
The report, released Tuesday, showed that the inflation rate stayed at 3.1 per cent compared to November 2022.
Mortgage interest costs, grocery prices, and rent were the primary forces behind November's inflation rate.
Mortgage costs were up 29.8 per cent, a slight decrease from 30 per cent in October.
While we are still paying more to fill our pantries with food, the increase in grocery costs slowed for the fifth consecutive month, rising 4.7 per cent in November compared to October's 5.4 per cent.
Rent increased 7.4 per cent following October's increase of 8.3 per cent. Travel tours, mainly to U.S. destinations, continued to rise, going up 26.1 per cent year-to-year after an 11.3 per cent rise the month before. A drop in cellular prices accelerated by Black Friday sales helped offset that increase.
Despite the fall of gas prices slowing down in November, the cost to fill the tank continued to drop, by 3.5 per cent compared to a 7.8 per cent fall in October. Prices for fuel oil and other fuels fell 23.6 per cent in November, a more significant decline from October's 12.6 per cent.
The cost of services remained the same as in October, rising overall to 4.6 per cent year over year.
Statistics Canada will release the inflation rate for December on January 16, 2024.
