Analysis

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Consumer prices rose 2.9% in the 12 months to November, matching the increase in October. While the 12-month change in gasoline prices continued to ease, the year-over-year increase in food prices remained high.

Gasoline prices rose 13.5% in the 12 months to November, after advancing 18.2% in October. The increase in November was the smallest year-over-year gain since the beginning of 2011.

Consumers paid 4.8% more for food in the 12 months to November, the largest increase since July 2009. The November gain follows a 4.3% increase posted in October.

12-month change: Prices up in all major components

On a year-over-year basis, prices increased in all eight major components in November. Transportation and food continued to post the largest increases.

The cost of transportation increased 5.7% in the 12 months to November, following a 6.7% gain in October. In addition to paying more for gasoline, consumers also paid more in passenger vehicle insurance premiums (+4.4%) and for the purchase of passenger vehicles (+1.8%).

Food prices rose 4.8% during the 12 months to November. Consumers paid 5.7% more for food purchased from stores as prices increased for common staples, including meat (+6.2%), fresh vegetables (+13.2%) and bread (+11.9%). Prices for food purchased from restaurants also went up.

Shelter costs rose 1.5% in the 12 months to November, matching the increase posted in October. The cost of fuel oil increased 24.4% in November after gaining 22.1% in October. Consumers also paid more for homeowners' replacement costs and electricity. Conversely, mortgage interest cost decreased 1.1% after falling 1.3% the month before.

Provinces: Gasoline and food purchased from stores still major factors in every province

Consumer prices rose in every province in November as gasoline and food purchased from stores continued to post large increases. The largest gain was recorded in Newfoundland and Labrador.

Prices in Newfoundland and Labrador rose 4.1% in the 12 months to November after increasing 3.5% the month before. Consumers paid 13.6% more for gasoline. The price of fuel oil advanced 24.9% following a 21.9% rise in October.

In Ontario, prices went up 2.5% in the 12 months to November, after advancing 2.7% the previous month. Of all the provinces, Ontario posted the smallest year-over-year increase for gasoline (+11.6%) and the largest 12-month gain for food purchased from stores (+6.7%). Ontario consumers also paid more in passenger vehicle insurance premiums and for homeowners' replacement costs.

Prices in Quebec rose 3.2% on a year-over-year basis in November, following a 3.3% increase the month before. Gasoline prices went up 14.7%, following a 19.9% rise in October. Consumers also paid more for food purchased from restaurants, meat and fuel oil.

In Alberta, prices advanced 3.2% in the 12 months to November, after gaining 3.4% in October. In addition to gasoline, Alberta consumers paid more for electricity. Prices for passenger vehicle insurance premiums rose while homeowners' home and mortgage insurance increased 8.1%.

Prices in British Columbia went up 2.3% in the 12 months to November, matching the increase the month before. Gasoline prices increased 12.8% while homeowners' home and mortgage insurance rose 12.7%. Consumers also paid more for food purchased from restaurants.

Seasonally adjusted monthly CPI increases

On a seasonally adjusted monthly basis, consumer prices increased 0.1% from October to November, after rising 0.3% from September to October. The transportation index went up 0.5% in November after advancing 1.3% the month before.

The index for household operations, furnishings and equipment rose 0.3% while the food index increased 0.2%. The shelter index fell 0.2% in November following a 0.6% rise in October. The clothing and footwear index also fell 0.8%.

Non-seasonally adjusted monthly CPI increases

Consumer prices, before seasonal adjustment, rose 0.1% from October to November, following a 0.2% gain the month before. On a monthly basis, prices went up in four of the eight major components.

Transportation costs increased 0.9% in November, following a 0.2% rise in October. Prices for the purchase of passenger vehicles rose 3.4% on the month as many new 2012 models were introduced. Prices for gasoline declined 2.3%.

The cost of food rose 0.9% this month, after falling 0.2% in October. Prices for food purchased from stores advanced 1.3% as consumers paid more for fresh vegetables, meat and fresh fruit. Prices for food purchased from restaurants rose in November.

The clothing and footwear index fell 3.1% in November as prices for women's, men's, and children's clothing declined. This decrease follows a 1.2% gain in October.

The shelter index decreased 0.2% this month after rising 0.6% in October. The cost of electricity and natural gas fell from October to November while fuel oil advanced 5.1%.

At the provincial level in November, prices increased in every province except for Alberta, which declined 0.5% and Ontario which posted no monthly change.

Bank of Canada's core index

The Bank of Canada's core index, which excludes eight of the CPI's most volatile components as well as the effects of changes in indirect taxes on the remaining components, rose 2.1% in the 12 months to November. This matched the rise posted in October. Increases were recorded for passenger vehicle insurance premiums, meat, as well as for bakery products.

On a month-over-month basis and before seasonal adjustment, the core index rose 0.1% in November, after increasing 0.3% in October.

The seasonally adjusted monthly core index increased 0.1% in November, after rising 0.2% in October.