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The annual inflation rate in Canada was at 1.9% in November of 2024, easing from the 2% in the previous month and undershooting market expectations of 2%. The result was in line with the Bank of Canada’s baseline scenario that CPI inflation is due to remain close to the 2% threshold for the foreseeable future. Still, the trimmed-mean core rate was unchanged at 2.7% instead of expectations that it would ease to 2.5%, limiting the magnitude of rate cuts that the monetary authority may deliver to aid economic growth. Gasoline prices fell to a lesser extent (-0.5% vs -4% in October) as base effects faded, driving transportation costs to accelerate (1.1% vs 0.2%). In turn, inflation decelerated for shelter (4.6% vs 4.8%) as softer price growth for mortgages offset higher inflation for rent. Inflation also eased for food (2.8% vs 3%) amid slowing inflation in grocery stores. From the previous month, the Canadian CPI was unchanged.