Prior month 0.4%CPI MoM 0.0% versus 0.1% estimateCore CPI MoM 0.1% versus 0.4% last monthCPI YoY 1.9% versus 2.0% YoY est. Prior month 2.0%CPI Median 2.6% versus 2.4% estimate. Last month 2.5% revised higher to 2.6%CPI Trim 2.7% versus 2.5% estimate. Last month 2.6% revised higher to 2.7%CPI Common 2.0% versus 2.2% last monthCPI BOC Core YoY 1.6% versus 1.7% last monthCPI BOC Core MoM -0.1% versus 0.4% last month
Details on the data:
Black Friday Impact
Black Friday Sales Impact: Discounts during November contributed to lower prices across several categories.
Affected Indices:
Household Operations, Furnishings, and Equipment: Declined 0.9% in November.
Key drivers:Cellular services: -6.1%Furniture: -2.1%
Clothing and Footwear: Declined 0.8% in November.
Key drivers:Women’s clothing: -0.8%Children’s clothing: -4.9% (largest recorded monthly decline for November).
Rent impact
Summary of Key Points:
Shelter Component: Grew 4.6% YoY in November (slower than 4.8% in October).
Rent Prices: Accelerated in November to +7.7% (from +7.3% in October).
Largest increases:Ontario: +7.4%Manitoba: +7.9%Nova Scotia: +6.4%
Mortgage Interest Costs: Decelerated for the 15th consecutive month, rising +13.2% (vs. +14.7% in October).
Key Contributors: Rent and mortgage interest costs contributed the most to the 12-month all-items CPI increase in November.
Gasoline Price Impact
Year over year, gasoline prices fell to a lesser extent in November (-0.5%) compared with October (-4.0%). The smaller year-over-year decline was a result of a base-year effect as prices fell 3.5% month over month in November 2023.
This article was written by Greg Michalowski at www.forexlive.com.
