canadian spending money

Here's what Canadians spent the most money on last month

Canadians paid a lot of money for groceries, travel, and housing in November, according to the latest Consumer Price Index (CPI) update from Statistics Canada.

The federal data agency released its report on Tuesday, marking a 3.1 per cent increase in the CPI year-over-year.

Although higher prices for travel tours applied upward pressure on the CPI, prices grew slower in other sectors year over year. This includes food, cell services, and oil.

"Excluding food and energy, the CPI increased 3.5 per cent in November, following a 3.4 per cent gain in October," added Statistics Canada.

canadian spending moneyAs far as housing goes, mortgage interest costs were up by a staggering 29.8 per cent, and rent increased by 7.4 per cent.

Food bought from stores was 4.7 per cent costlier, too.

Statistics Canada called housing and food cost changes "the largest contributors to the year-over-year increase" in November.

"This marked the fifth consecutive month that grocery price growth slowed year over year, with prices for non-alcoholic beverages (-0.6 per cent), fresh vegetables (+2.5 per cent), and other food preparations (+6.4 per cent) contributing the most to the slowdown. Food prices continue to be driven by a variety of international and domestic factors," the report reads.

canadian spending moneyMeat prices increased by 5 per cent; preserved vegetables and vegetable preparations became a bit more expensive (5.8 per cent).

You're right if you've seen candy getting pricier at stores. Sugar and confectionery items increased in price by 8.3 per cent year over year.

Things looked a bit less jarring on a month-by-month basis.

The CPI rose by 0.1 per cent compared to October. Though gas prices fell by 3.5 per cent, which is a good sign, it must be noted that they fell almost doubly in October with a 6.4 per cent drop.

Just like in October, the cost of services increased by 4.6 per cent in November on a year-over-year basis.

canadian spending money"Prices for travel tours accelerated on a year-over-year basis in November (+26.1 per cent) compared with October (+11.3 per cent), mainly attributable to events held in destination cities in the United States during November," said Statistics Canada.

Cellular service prices witnessed a decline due to seasonal promotions, Black Friday sales, and bonus data offers.

"Consumers who signed on to a cell phone plan in November paid 22.6 per cent less than those who did so in November 2022," the federal agency noted.

Lead photo by

Kamil Zajaczkowski/Shutterstock


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