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Dec 17, 2024 5:49 PM - Connect Newsroom

Statistics Canada Reports Inflation at 1.9% in November

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This is the first of two inflation reports to be released before the Bank of Canada's next decision on interest rates, scheduled for January 29, 2025.(The Canadian Press)

Canadian inflation has fallen below the central bank's 2% target for the second time in three months. Statistics Canada reported today that inflation in November was 1.9%. The agency noted that gasoline prices remained stable last month.

Additionally, Black Friday sales helped bring down prices in November. Grocery prices increased by 2.6% year-over-year, but this was slightly lower than the 2.7% increase seen in October.

This is the first of two inflation reports to be released before the Bank of Canada's next decision on interest rates, scheduled for January 29, 2025.

Governor Tiff Macklem indicated last week that further interest rate cuts may be slowed. However, currency markets are predicting another rate cut of 25 basis points in January.

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