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The headline inflation rate in Canada held at 2.2% in November of 2025, unchanged from October, below expectations of 2.3%, and still loosely converging toward the 2% threshold in the near term as projected in the Bank of Canada’s baseline scenario. Gasoline prices fell 7.8% year-on-year, easing from the 9.4% decline in October as refinery disruptions pushed prices higher on a monthly basis. Food inflation reaccelerated, with prices for food purchased from stores rising 4.7% from a year earlier, the fastest pace since late 2023, driven by higher prices for fresh fruit and other food preparations. Price growth also eased for shelter, as rent inflation slowed to 4.7% from 5.2% in October. In the meantime, cellular service prices jumped 12.7% year-on-year, extending their rebound amid fewer industry-wide promotions. Meanwhile, core inflation remained firm at 2.6% for a third consecutive month, underscoring persistent underlying price pressures despite cooling in select service categories.