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Free AccessCanada November CPI 2.1% Y/Y From 1.4%; Ex Food/Energy 1.8%>
By Courtney Tower
OTTAWA (MNI) - Canadian inflation jumped to 2.1% year-over-year in
November from 1.4% in October, largely on a 19.6% hike in gasoline
prices, Statistics Canada reported Thursday.
The 2.1% level, highest since January this year, was very near the
2.0% expected in an MNI survey of analysts.
On a seasonally adjusted monthly basis, the Consumer Price Index
for November was up 0.5%, also the largest rise since January this year.
For the three measures of core inflation preferred by the Bank of
Canada, CPI-common was up 1.5% year-over-year, CPI-median up 1.9% and
CPI-trim up 1.8%. The latter two were the highest increases since
October of 2016.
--GENERAL RISE
Prices for the 12-month change in the CPI were up in seven of the
eight major components, with the transportation (+5.9%) and shelter
(+1.2%) indexes contributing the most to the increase. The clothing and
footwear index (-0.2%) registered the only annual-rated decline.
The CPI increase year-over-year was registered throughout the
country, in all provinces. Manitoba (+3.2%) and Saskatchewan (+3.7%)
recorded the largest increases.
The goods index rose 0.9% on the month and 2.0% on the year. The
services index declined 0.1% on the month and was up 2.3% on the year.
All items excluding food and energy were flat on the month and up
1.8% year-over-year.
The 5.9% rise in the transportation index on the annual basis
followed a 3.0% rise in October. Gasoline prices contributed the most to
this index, rising 19.6% on the year after increasing by 6.5% in
October.
--CRUDE, CARS, UP
Statistics Canada said part of the transportation index increase
also was due to higher crude oil prices in November, and to a 3.6% rise
in prices for the purchase of passenger vehicles.
The food index was up 1.6% year-over-year. Month-over-month, this
index was up 0.8% in November, the largest monthly gain since January
2016. There were higher prices for the household operations, furnishings
and equipment index, although furniture prices within the index
declined.
Seasonally adjusted month-over-month, seven of the eight major
components increased while the health and personal care index (-1.0%)
declined. All items excluding food and energy rose 0.2% on the month, as
they had the previous month.
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: MACDS$,M$C$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.