{"id":1986,"date":"2024-12-17T15:35:34","date_gmt":"2024-12-17T15:35:34","guid":{"rendered":"https:\/\/otetmarkets.com\/blog\/?p=1986"},"modified":"2024-12-17T15:35:35","modified_gmt":"2024-12-17T15:35:35","slug":"canadas-inflation-eases-to-1-9-in-november-2024","status":"publish","type":"post","link":"https:\/\/otetmarkets.com\/blog\/news\/canadas-inflation-eases-to-1-9-in-november-2024\/","title":{"rendered":"Canada’s Inflation Eases to 1.9% in November 2024"},"content":{"rendered":"\n

In November 2024, Canada\u2019s annual inflation rate dropped to 1.9%, slightly lower than the previous month’s 2% and falling short of market expectations of 2%. This marks a continuation of a favorable inflation trend that aligns with the Bank of Canada\u2019s projections, which expect CPI inflation to hover around the 2% mark in the foreseeable future. The stability of inflation reflects the ongoing efforts by the central bank to maintain price stability amid changing economic conditions.<\/p>\n\n\n\n

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Core Inflation Remains Stubborn<\/strong><\/h2>\n\n\n\n

Despite the overall decline in inflation, the core inflation rate, as measured by the trimmed-mean CPI, remained unchanged at 2.7%. This was contrary to market expectations that core inflation would ease to 2.5%. The persistence of this higher core inflation suggests that while headline inflation is softening, underlying price pressures remain in certain areas of the economy. As a result, the Bank of Canada may face challenges in delivering significant rate cuts, as they seek to balance inflation control with efforts to stimulate economic growth.<\/p>\n\n\n\n

Gas Prices and Transportation Costs<\/strong><\/h3>\n\n\n\n

Gasoline prices, which had dropped sharply in previous months, fell by a more modest 0.5% in November, compared to a 4% decrease in October. The base effects from earlier price drops faded, leading to a slower reduction in gas prices. This, in turn, contributed to a noticeable increase in transportation costs, which surged by 1.1% in November, up from a mere 0.2% in October. The rising transportation costs reflect a shift in inflationary pressures from energy to other goods and services, signaling a more complex inflation environment.<\/p>\n\n\n\n

Easing Inflation in Shelter and Food<\/strong><\/h3>\n\n\n\n

Inflation in shelter costs also eased in November, falling to 4.6% from 4.8% in October. This was due to slower price growth for mortgages, which helped offset rising rent costs. Meanwhile, food inflation slowed to 2.8% from 3%, with grocery prices showing signs of stabilization. Overall, while inflation pressures persist in some sectors, the broader trend remains one of moderation, suggesting that Canada\u2019s economy may be moving toward a more stable inflationary environment. The Canadian CPI was unchanged from the previous month, further indicating a period of relative price stability.<\/p>\n","protected":false},"excerpt":{"rendered":"

In November 2024, Canada\u2019s annual inflation rate dropped to 1.9%, slightly lower than the previous month’s 2% and falling short of market expectations of 2%. This marks a continuation of a favorable inflation trend that aligns with the Bank of Canada\u2019s projections, which expect CPI inflation to hover around the 2% mark in the foreseeable […]<\/p>\n","protected":false},"author":2,"featured_media":1992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,2],"tags":[],"class_list":["post-1986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-economy-news","category-news"],"_links":{"self":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/1986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=1986"}],"version-history":[{"count":4,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/1986\/revisions"}],"predecessor-version":[{"id":1991,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/1986\/revisions\/1991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/media\/1992"}],"wp:attachment":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=1986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=1986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=1986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}