OTTAWA: Canadians paid 4.7 percent more for goods and services in November than a year earlier, the government statistical agency said Wednesday, with inflation matching the previous month's 18-year high.
Inflation was about what had been expected, topping for an eighth month in a row the Bank of Canada's target range of 1 to 3 percent.
"Despite the inflation rate remaining elevated, the latest numbers will come as a bit of a relief, particularly given the concerning acceleration seen south of the border," CIBC Economics analyst Royce Mendes said.
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Desjardins' Benoit Durocher forecast inflation would "remain high in the first months of 2022."
According to Statistics Canada, higher prices for gasoline (+43.6 percent), furniture (+8.7 percent) and food (+4.4 percent) were the main drivers of growth in the consumer price index.
Passenger vehicles and housing also cost more, while mortgage interest, cell phone plans, travel tours and car insurance cost less.
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