Consumer Prices Soared to Highest Since 2003 as Inflation Persists for 8th Consecutive Month

Consumers continued to pay substantially more for goods and services in November, as persistent inflationary pressures put more strain on central bank policy makers to raise interest rates ahead of forecasts.

Annual inflation held steady at 4.7% in November, Statistics Canada reported on Wednesday, marking a gain of 0.2% from the prior month, and the highest level since 2003. Core inflation, which does not account for energy prices, hit 2.73% last month.

Last month’s report showed that prices increased across all eight major components, with gasoline prices rising by 43.6% from November 2020, marking the ninth consecutive month of annual gains above 20%. The price of food was up from 3.9% in October to 4.7%— the sharpest increase in almost seven years.

Inflation levels have now surpassed the Bank of Canada’s control range for the eighth consecutive month, as ongoing global supply chain bottlenecks and labour shortages continue to put added strain on consumer prices. The latest CPI print will likely bolster expectations that the Bank of Canada will raise interest rates in early 2022, with markets pricing in at least 5 rate hikes throughout next year.

Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

Fed Losing Control of Monetary Policy as Biden Admin Warns of ‘Extraordinarily Elevated’ Inflation Print

It’s official: the Fed has lost complete control over inflation, prompting the White House to...

Monday, April 11, 2022, 05:32:22 PM

From Plate to Debt: How Inflation is Feeding Restaurant Bankruptcies in Canada

Rising inflation is increasingly pressuring the Canadian restaurant industry, with over half of all restaurants...

Friday, June 2, 2023, 07:31:00 AM

Bank of Russia: Out-of-Control Inflation Could Ignite New Global Financial Crisis

Russia’s central bank is warning that surging global inflation could spark a new financial collapse...

Wednesday, September 8, 2021, 03:37:00 PM

Federal Reserve to Begin Tapering by $15 Billion in November, Stays Put on Interest Rates

The Federal Reserve has finally decided to take a more hawkish stance on its bottomless...

Thursday, November 4, 2021, 10:19:00 AM

BMO: Bank of Canada Could Hike Rates as High as 6% to Tame Inflation

The Bank of Canada’s surprise colossal 100 basis-point rate hike signalled that inflation has become...

Wednesday, July 20, 2022, 12:22:00 PM