Canada’s inflation rate dips to 1.9% in November on softer price trends

Posted on December 18, 2024   |  

In November, Canada’s annual inflation rate slowed unexpectedly to 1.9% due to a broad decline in prices. 

The consumer price index (CPI) remained unchanged month-over-month.

Inflation held steady at 2% from October, with the CPI increasing by 0.1% month-over-month.

CPI-median stayed at 2.6%, while CPI-trim remained at 2.7%.

The Bank of Canada cut interest rates by 50 basis points in each of its last two policy announcements, bringing the cumulative reduction to 175 basis points since June.

Mortgage interest cost inflation continued to slow for the 15th consecutive month, dropping to 13.2% in November from 14.7% in October.