Annual inflation rate fell slightly to 6.8% in November: StatCan

Canada’s annual inflation rate slightly fell to 6.8 per cent in November, according to Statistics Canada’s latest consumer price index.

The annual inflation rate fell from 6.9 per cent in October to 6.8 per cent last month, even though grocery prices have increased by 11.4 per cent.

Statistics Canada says slower price growth for gasoline was offset by quickly rising shelter costs.

Higher mortgage interest rates and rising rent is leading to the increase in shelter costs. The mortgage interest costs were 14.5 per cent, while rent was up 5.9 per cent in November.

READ MORE: Annual inflation rate was 6.9% in September: StatCan

Prices for gasoline were down 3.6 per cent on a monthly basis.

Excluding energy and food, prices were up 5.4 per cent on a yearly basis.

The Bank of Canada has rapidly raised interest rates this year, which initially began in March in response to quickly rising inflation.

The central bank signaled it’s open to stop on its aggressive rate hikes – after raising its key interest rate for the seventh consecutive time in early December, to 4.25 per cent, the highest it’s been since 2008.

The Bank of Canada says they are determined to achieve the two per cent inflation target and bring back price stability for Canadians.

READ MORE: Interest rates increase by 50 points to 4.25%: Bank of Canada