Canada's inflation rate stayed flat in November but grocery prices grew at fastest pace in nearly 2 years

Canada's annual inflation rate was unchanged at 2.2 per cent in November, Statistics Canada said on Monday but grocery inflation reached its highest rate in nearly two years.

Food inflation rose 4.7 per cent on a yearly basis last month compared to 3.4 per cent in October, marking the largest increase since December 2023.

Fresh fruit — especially pricier berries — drove the increase, as did "other food preparations" (a category that mostly includes processed foods). Coffee increased 27.8 per cent.

Increasingly expensive fresh and frozen beef (up 17.7 per cent last month) continued to weigh on inflation as cattle inventories shrink.

More to come