Canadian inflation rises to 18-year high in November

Statistics Canada said its consumer price index rose to 4.7% in November, marking the eighth consecutive month above the Bank of Canada's 1-3% control range with gasoline prices rising 43.6% over the year. The combined measure of CPI, a measure of core inflation that tracks common price changes across categories in the CPI basket and which the Bank of Canada says is the best measure of a weak economy, rose to 2.0% in November from 1.8% in October.

Bank of Canada Governor Teff McClem said the slump in the Canadian economy caused by the coronavirus pandemic has abated significantly, in a major sign that the central bank will start raising interest rates soon.