- Category: Economic
- Published Friday, December 18, 2015
- CTV News
Canada’s annual inflation rate rose to 1.4 per cent in November, inching it closer to the central bank’s target rate of 2.0 per cent, Statistics Canada said Friday.
The consumer price index measures the cost of goods and services, and compares current prices against past prices to track inflation. It uses 2002 prices as a baseline, setting the fixed price of goods that year at 100.
The CPI was 127.1 in November 2015 – meaning prices have risen 27.1 per cent compared to 15 years ago. The index was 125.4 in November 2014.
Higher food and shelter costs were driving factors in the overall CPI increase, overriding lower costs for transportation and gasoline.
Statistics Canada says each province saw a rise in the index compared the year before. In October, P.E.I. had seen prices slightly lower than they had been a year before.
Statistics Canada also broke down the CPI in various cities across the country, but cautioned that these figures are based on smaller sample sizes and may be subject to wide fluctuation.