Canada's inflation rate remained unchanged last month, providing the central bank with a reason to maintain its hawkish stance while keeping interest rates at their highest level in two decades.
According to Statistics Canada's report on Tuesday, the consumer price index rose by 3.1% in November compared to a year ago, outpacing the median estimate of 2.9%.
Contrary to expectations of a 0.1% decrease, the index rose by 0.1% on a monthly basis.
Mortgage interest costs continued to be the primary contributor to the consumer price index, with an inflation rate of 2.2% in November, while excluding shelter costs entirely revealed a figure of 1.9%.
Despite these figures representing a setback for policymakers, the disappointing inflation data doesn't warrant talks of rate hikes. Bank of Canada head Tiff Macklem anticipates easing in 2024, contingent on sustained downward momentum in core inflation.