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Canada's annual inflation tops central bank target as gasoline prices rebound

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Canada's annual inflation tops central bank target as gasoline prices rebound

Annual consumer price inflation in Canada accelerated 2.2% in November after logging a 1.9% growth rate for three straight months, Statistics Canada reported.

The latest print exceeded the Econoday consensus estimate of 2.1% and the Bank of Canada's 2% inflation target.

The rise was driven by gasoline prices, which climbed for the first time since October 2018 at an annual rate of 0.9%.

"[The increase] was attributable to sharply lower prices in November 2018, when global oil prices fell amid a supply glut caused by reactions to emerging international political uncertainties," Statistics Canada stated in a news release.

Food prices surged 3.4% year over year, while the prices of clothing and footwear increased 2.7%.

Excluding gasoline, the annual inflation rate came in at 2.3% in the month, unchanged from October. Excluding food and energy, consumer prices increased 2.0%.

Seasonally adjusted inflation ticked up 0.1% on a monthly basis in November.

The Canadian dollar appreciated 0.2% against its U.S. counterpart as of 8:51 a.m. ET following the data release.