Inflation stable at 2.2 per cent nationally and down to 3.0 per cent in Quebec in November

Sal Guatieri, director and senior economist at BMO Capital Markets, joins BNN Bloomberg to discuss the outlook for the Canadian economy.

Rising grocery prices continued to challenge consumers in November, according to Statistics Canada, even though inflation remained stable.

The annual rate of inflation remained unchanged at 2.2 per cent last month in Canada. In Quebec, inflation fell to 3.0 per cent in November, down from 3.2 per cent in October.

Nationally, prices for food purchased in stores rose 4.7 per cent year-over-year in November, up from 3.4 per cent in October. This was the strongest growth in nearly two years.

According to Statistics Canada, higher prices for fresh fruit, mainly berries, were the main factor behind the acceleration. Prices also rose in the broad category of prepared foods, which includes products such as soups and crisps.

Prices for fresh or frozen beef rose 17.7 per cent in November, amid declining cattle inventories in North America.

US tariffs, combined with difficult weather conditions, are weighing on coffee-producing regions, leading to a 27.8 per cent year-over-year increase in refined coffee prices.

Gasoline prices fell year-over-year but rose 1.8 per cent month-over-month in November, largely due to disruptions at oil refineries, Statistics Canada noted.

Meanwhile, package tour prices fell 8.2 per cent in November compared to the same month last year, as fewer Canadians travelled to the United States.

Accommodation costs for travellers also fell, by 6.9 per cent year-over-year. Statistics Canada noted that the year-over-year decline was particularly pronounced in Ontario, where Toronto hosted Taylor Swift’s Eras Tour concerts in November 2024.

Rental growth slowed in November, but this was offset by accelerating mobile phone service costs.

These November inflation figures were released a few days after the Bank of Canada decided to keep its benchmark interest rate steady at 2.25 per cent last week.

This report by The Canadian Press was first published in French on Dec. 15, 2025.