For the second straight month, prices have gone up across the country as inflation rose by one per cent in November.
Following months of “negative inflation,” inflation rose by 0.5 per cent in October.
“The cost of living got back to normal in November,” outlined 680News Senior Business Editor Mike Eppel.
“That’s pretty much as expected. We saw a 14 per cent jump in the price for gasoline on a year over year comparison,” he added.
The major culprit is the cost of gas, but prices also went up in seven of the eight major components tracked by Statistics Canada.
“Prices at the pump are now exerting upward pressure on the Consumer Price Index after an extended period in which they were the main contributors to year-over-year declines in overall consumer prices,” the agency explained.
However, the interest rate is not likely to change in the New Year.
“The core rating of inflation, the one the Bank of Canada tracks for interest rate policy, it was below forecast, so there’s no reason for the Bank of Canada to change its interest rate policy heading in to 2010,” Eppel outlined.
With files from The Canadian Press.