Canada’s CPI accelerated from 3.1% yoy to 3.4% yoy in November, above expectation of 3.3% yoy. The acceleration was largely due to base-year effect on gasoline prices. Excluding gasoline, CPI slowed slightly from 3.6% yoy to 3.5% yoy. On a monthly basis, CPI was down -0.3% mom, matched expected.
CPI median, which represents the middle point of price changes, remained steady at 3.6% yoy, exceeding the forecast of 3.4%. CPI trimmed, which excludes certain extreme price movements, rose from 3.5% yoy to 3.7%, also surpassing the expected 3.5%. Meanwhile, CPI Common, which is often viewed as the BoC’s preferred measure of core inflation due to its stability, remained unchanged at 3.9% yoy, again higher than the anticipated 3.8%.
