The Consumer Price Index (CPI) in Canada rose by approximately 2.2% year-on-year in November, according to figures released moments ago. This matched the increase recorded in October, while the core CPI, which excludes gasoline prices, rose to 2.6% year-on-year for the third consecutive month.

On a monthly basis, the index rose by 0.1% in November, following a 0.2% increase in October, matching expectations.

This stability in inflation in November comes as prices in the services sector slowed year-on-year to 2.8% from 3.2% in October. Travel prices fell by 8.2% after rising by 2.6% in October, while food prices rose by 4.7%. Gasoline prices continued their decline, falling by 7.8% from 9.4% in October.