The lowering of mortgage interest costs helped keep the inflation rate under control in November.
The November Consumer Price Index (CPI), issued on Tuesday morning, showed that Canada's inflation rate dipped slightly to 1.9 per cent, compared to 2.0 per cent in October.
"Slower price growth was broad-based, with prices for travel tours and the mortgage interest cost index contributing the most to the deceleration," read the CPI report from Stats Canada.
Monthly, the CPI was unchanged last month, following a 0.4 per cent increase in October.
Mortgage interest costs for November slowed for the 15th consecutive month, to 13.2 per cent, after being up 14.7 per cent the month before.
The cost of rent picked up in November to 7.7 per cent. The CPI said rent costs accelerated the most in Ontario, to 7.4 per cent.
The cost of food bought at the store rose 2.6 per cent in November year-to-year. Stats Canada reported that despite the slowdown, grocery prices have stayed elevated.
Gas prices continued to drop, though at a much slower rate than in October. Gasoline fell 0.5 per cent, compared to the four per cent decline in October., falling four per cent last month after September's 10.7 per cent drop year-over-year.
Holiday season sales at retailers, including those for Black Friday, helped lower prices, particularly for household operations, furnishings, equipment, clothing, and footwear.
Prices for travel services were up by 6.7 per cent in November, compared to a 7.1 per cent year-to-year increase in October. One noteworthy increase concerned rental accommodations in Ontario, which were up by 11 per cent. The rise was the highest ever recorded for November and was attributed to high-profile events, including Taylor Swift's blockbuster series of Toronto concerts.
Statistics Canada will release its Consumer Price Index report for December on January 21, 2025.