Canada's CPI rises 6.8% in Nov, prices rise 5.4% on yearly basis: Report

Canada's consumer price index (CPI) rose 6.8 per cent year over year in November, following a 6.9 per cent increase in October, the national statistical agency said.

Statistics Canada said on Wednesday that excluding food and energy, prices rose 5.4 per cent on a yearly basis in November, following a gain of 5.3 per cent in October, reports Xinhua news agency.

According to Statistics Canada, on a monthly basis, petrol prices fell 3.6 per cent in November following a 9.2 per cent increase in October, largely driven by price declines in Western Canada.

The reopening of refineries in the western US contributed to lower prices in British Columbia, Alberta, Saskatchewan and Manitoba.

Mortgage interest cost continued to rise at a faster rate year over year, up 14.5 per cent in November compared with 11.4 per cent in October, amid the higher interest rate environment.

The increase in November was the largest since February 1983.

On a monthly basis, the CPI rose 0.1 per cent in November following a 0.7 per cent gain in October.

On a seasonally adjusted monthly basis, the CPI was up 0.4 per cent, Statistics Canada said.