Canada November CPI YoY 4.7% vs 4.7% estimate

• Prior report
• CPI YoY 4.7% vs 4.7% estimate. Last month came in at 4.7% as well. This month equaled the highest level since February 2003.
• CPI Core YoY 3.6% versus 3.8% last month
• CPI MoM 0.3% vs 0.3% estimate
• CPI Core MoM 0.2% vs 0.2% last month
• Higher prices for gasoline (+43.6%), furniture (plus a .7%) and food (+4.4%) were the main drivers of growth in the headline CPI
• excluding gasoline CPI 3.6% YoY unchanged from October
• Prices rose in all eight major components on a year-over-year basis in November. Transportation shelter prices contribute the most of the increase
• Goods +6.9% versus 6.5% in October
• services +2.9% versus 3.2% in October
• Declines in prices for cellular services (-17.9%) contribute to the slow down in the services prices
• prices of groceries rose at its highest pace since January 2015 up 4.7% versus 3.9% in October.

Core measures of inflation YoY

• Common 2.0% year on year versus 1.8% last month
• median 2.8% versus 2.0% last month
• Trimmed 3.4% versus 3.3% last month

Overall, more or less a as expected report. Inflation remains near 18 year highs but at least there was a steadying of the data this month both on the headline and the excluding gasoline measures.

Below is a look at the changes in the major components with transportation leading the way but marginally less than the October reading.

The USDCAD remains elevated at near the highest level since September 20 when the price peaked at 1.2895. The high price for the year was at 1.29483 back on August 20. The high price today reached 1.28853.