Canada: Consumer Price Index (CPI) increased 2.1% on a year-over-year basis in November

"The Consumer Price Index (CPI) increased 2.1% on a year-over-year basis in November, following a 1.4% increase in October," the Statistics Canada announced on Thursday.

Key highlights

The all-items excluding gasoline index rose 1.5% year over year in November after increasing 1.3% in October.

Transportation prices rose 5.9% on a year-over-year basis in November, following a 3.0% increase in October.

Gasoline prices contributed the most to this acceleration, rising 19.6% year over year in November, after increasing 6.5% the previous month. 

Prices were up in seven of the eight major CPI components in the 12 months to November, with the transportation and shelter indexes contributing the most to the increase.

On a seasonally adjusted monthly basis, the CPI rose 0.5% in November. This was the largest increase since January 2017.