Canada's annual inflation rate eased slightly to 6.8% in November as gas prices rose at slower pace and offset a surge in shelter costs, Statistics Canada data showed today.
The headline inflation number was still a notch above analyst forecasts of 6.7%, but down from 6.9% in October.
Excluding food and energy, prices rose 5.4% compared with a rise of 5.3% in October.
On the month, the consumer price index rose 0.1%, again above analysts' expectations of prices staying flat.
Gasoline prices rose 13.7% after rising 17.8% in October,l argely driven by price declines in Western Canada, Statscan said.
Housing costs accelerated in November, mainly due to rising mortgage interest cost and rent. The annual surge of 14.5% in mortgage cost was the largest since February 1983.
The Bank of Canada has hiked rates at a record pace of 400 basis points in nine months to 4.25% - a level last seen in January 2008 - to fight inflation that is far above its target.
Going forward, the bank has said it will be more data-dependent in setting the policy rate.
