Canada’s annual inflation rate came in at 1.9% for November down from 2% in October, Statistics Canada said on Tuesday.
The slowdown in price growth in November was broad-based, with travel tours and mortgage interest costs contributing the most.
Excluding gasoline, the consumer price index (CPI) increased by 2%.
Grocery prices rose 2.6% from the previous year, down slightly from 2.7% in October but marking a 19.6% increase since November 2021.
Shelter costs also remain high, increasing by 18.9% compared to November 2021.
On a monthly basis, the CPI remained unchanged, but seasonally adjusted data showed a 0.1% increase.
Gasoline prices fell by 0.5% year-over-year, with no change from October to November.
Rent prices accelerated, rising 7.7% compared to 7.3% in October, while mortgage interest costs grew more slowly at 13.2% after increasing by 14.7% in October.
Discounts during Black Friday and related sales led to lower prices in some categories, particularly household items and clothing.
Travel services saw a slower decline, driven by higher accommodation prices, particularly in Ontario.
While the headline inflation rate met the Bank of Canada's 2% target in September, its preferred core inflation measures continue to exceed that target, with the CPI-median at 2.6% and CPI-trim at 2.7% in November.