👉Canada's annual inflation rate held steady at 3.1% in November, according to Statistics Canada. The report indicates that higher prices for recreation and clothing contributed to inflation pressures. However, there's positive news on the grocery front, with the pace of price increases slowing for a fifth consecutive month. Grocery prices rose 4.7% year-over-year, marking a slowdown from October's 5.4%. The Bank of Canada has maintained its key interest rate at 5%, citing encouragement from the economic slowdown and easing inflation. Governor Tiff Macklem acknowledged potential challenges but did not rule out another rate hike.✅ . . #EconomicUpdate #FinancialNews #ConsumerPrices #InflationData #CanadianFinance #CanadaInflation #CanadFoodPrice #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉Canada's inflation rate eased to 3.1% YoY in October, down from 3.8% in September, largely attributed to a 7.8% drop in gasoline prices. Excluding gasoline, the consumer price index increased by 3.6%. Prices for goods rose by 1.6%, while services increased by 4.6%, driven by higher costs for travel tours, rent, and special charges. Bank of Montreal's chief economist, Douglas Porter, suggests the report supports no need for further interest rate hikes amid economic challenges. Mortgage interest costs surged by 30.5%, and rent increased by 8.2%, contributing to inflation.✅ . . #InflationUpdate #StatisticsCanada #EconomicIndicators #FinancialNews #InflationData #EconomicStatistics #CanadianEconomy #mnm #malayalisnearmeapp #canadaupdate #canadanews