Canada's consumer inflation eases to 6.8% in November

By Ovunc Kutlu

ISTANBUL (AA) – Canada's annual consumer inflation rose 6.8% in November, easing from the annual gain seen in the previous month, the country’s statistical authority revealed on Wednesday.

While the figure came higher than the market expectation of 6.7%, it slowed down from the 6.9% year-on-year gain in October.

Annual consumer inflation has also significantly slowed its pace since the 8.1% gain in June, which was the highest in 39 years for the country.

Excluding food and energy, however, consumer prices rose 5.4% on a yearly basis in November, following a gain of 5.3% in October, Statistics Canada said in a statement.

Gasoline prices rose 13.7% in November after rising 17.8% in October year-on-year, it added.

"Slower price growth for gasoline and furniture was partially offset by faster growth in mortgage interest cost and rent," the statement said.

The consumer price index, on a monthly basis, rose 0.1% in November, also easing from 0.7% monthly gain in October when it marked the biggest monthly increase since June.

The market expectation for the monthly consumer price index, however, was to decline 0.1% in November from the month before.

"On a monthly basis, gasoline prices fell 3.6% in November following a 9.2% increase in October," according to Statistics Canada.