Statistics Canada reported that the annual inflation rate dropped to 1.9% in November, marking a modest decline from October's 2% inflation rate.
Stats Can highlighted a "broad-based" slowdown in price increases, with notable reductions in travel tour costs and mortgage expenses.
Black Friday sales contributed significantly to price moderation, particularly in cellular services and furniture.
Grocery food prices rose 2.6% annually, a slight decrease from the previous month.
Children's clothing experienced a 4.9% monthly price drop, the largest recorded for November ever.
Shelter costs remain a significant inflation driver, with variations across provinces.
While rents increased in Ontario, Manitoba, and Nova Scotia, the mortgage interest cost index showed signs of cooling.
Mortgage interest costs continue to rise at a slower pace compared to last year.
In the past three years, grocery prices have surged 19.6% and shelter costs have climbed 18.9%.
The inflation data arrives amid economic challenges, coinciding with the Bank of Canada's efforts to stimulate growth by adjusting key interest rates heading into 2025.
The Canadian dollar's brief dip below 70 cents against the U.S. dollar adds uncertainty to the economic landscape, potentially impacting import prices for automobiles and certain grocery items, especially fresh fruit and vegetables imported from the U.S.