The Consumer Price Index rose 1.7 percent on a year-over-year basis in November, following a 2.4 percent increase in October, according to new data from Statistics Canada.

All eight major components rose year over year. The shelter index (+2.4 percent) was the largest contributor to the increase. Recent interest rate increases continued to impact the mortgage interest cost index (+7.2 percent) in November, which recorded its largest year-over-year gain since October 2008.

Energy costs declined 1.3 percent compared with November 2017, following a year-over-year increase (+7.9 percent) in October. Gasoline prices fell 5.4 percent year over year, as declining global crude oil prices led to lower prices at the pump and the first 12-month decrease in the gasoline index since June 2017. Similarly, the year-over-year gain in the price of fuel oil and other fuels was smaller in November (+17 percent) than in October (+25 percent).

Prices for durable goods declined 0.1 percent year over year, following a 0.9 percent gain in October. The purchase of passenger vehicles index rose 0.8 percent after increasing 1.7 percent in October, amid lower availability of new model-year vehicles compared with November 2017. Consumers paid less for furniture (-2.1 percent) and tools and other household equipment (-0.4 percent) year over year.