(Bloomberg) — Canadian consumer price inflation held at the highest level in nearly two decades in November, maintaining pressure on the Bank of Canada to quickly start raising interest rates.
Annual inflation was 4.7% last month, matching the highest since 2003, Statistics Canada reported Wednesday in Ottawa. That was in line with economist expectations, as was the 0.2% monthly gain.
Inflation has now exceeded the Bank of Canada’s 1% to 3% control range for eight straight months as global supply chain bottlenecks push up prices. Wednesday’s report will reinforce expectations the Ottawa-based central bank will start a rate hiking cycle early next year. Markets are pricing in five rate increases next year.
The average of the central bank’s core measures — often seen as a better indicator of underlying price pressures — was 2.73%.
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