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Canadian inflation jumps to 0.5% in November

Canadian inflation jumped to a seasonally adjusted 0.5% in monthly terms, up from 0.2% in October and the largest increase since January, data from country's statistical agency showed.

Seven major components of the consumer price index increased, while the health and personal care segment dropped, Statistics Canada said.

In annual terms, consumer prices rose by 2.1%, up from 1.4% inflation the previous month. Prices increased in seven of the eight major components of the index. Transportation prices provided the biggest upward pressure, up 5.9% year on year from a 3.0% gain in October. Prices for passenger vehicles accelerated to 3.6% while food prices rose at an annual rate of 1.6%.

In a separate statistical release, retail sales growth was recorded at 1.5% in October due mainly to a 3.3% increase in sales by new car dealers. Excluding sales at motor vehicle and parts dealers, retail sales advanced by 0.8%.

Sales rose in seven of the 11 subsectors, representing 79% of the country's retail trade industry.

Food and beverage stores recorded sales growth of 1.1% while sales at general merchandise stores went up 1.8%, the first increase in three months. Sales at electronics and appliance stores recovered in October, rising 1.4%.

Retail sales in volume terms climbed by 1.4%, the statistical agency said.