The Daily Wednesday, December 15, 2021
Press Release
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Consumer Price Index, November 2021
Canadians continued to feel the impact of supply chain disruptions in November, which put upward pressure on prices for durable goods, like passenger vehicles and furniture. Prices for foods commonly seen around dinner tables, including vegetables, meat and pasta, have also increased recently compared with 2020.
Towards the latter half of the month, the impact of the floods in British Columbia and the spread of the Omicron COVID-19 variant created new uncertainties around further potential disruptions to supply chains and oil demand.
The Consumer Price Index (CPI) rose 4.7% on a year-over-year basis in November, matching the increase in October. Excluding gasoline, the CPI rose 3.6% year over year, also matching the gain in October.
On a monthly basis, the CPI edged up 0.2% in November, following a 0.7% increase in October.
Highlights
The Consumer Price Index (CPI) rose 4.7% on a year-over-year basis in November, matching the increase in October.
Higher prices for gasoline (+43.6%), furniture (+8.7%) and food (+4.4%) were the main drivers of growth in headline CPI. Excluding gasoline, the CPI rose 3.6% year over year, the same as in October.
On a monthly basis, the CPI edged up 0.2% in November, following a 0.7% increase in October.
On a seasonally adjusted monthly basis, the CPI increased 0.3%.
Prices rose in all eight major components on a year-over-year basis in November. Transportation and shelter prices contributed the most to the increase in the CPI.
Year over year, prices for goods (+6.9%) rose at a faster pace in November compared with October (+6.5%). Prices for services (+2.9%), however, grew at a slower pace than in October (+3.2%), moderating the price growth in the CPI. Declines in prices for cellular services (-17.9%) contributed to the slowdown in the increase in service prices.
The Daily
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