Highlights:

Consumer prices advanced 2.0% in the 12 months to November 2008, a sharp slowdown from the 2.6% rise posted in October. On an unadjusted monthly basis, consumer prices fell 0.3% from October to November, after falling 1.0% from September to October.

All-items Consumer Price Index (CPI):

1. The slowdown in the 12-month change in the CPI in November was due largely to a drop in prices for gasoline.
2. Increasing mortgage interest costs, natural gas prices and prices for various food items were the primary upward contributors to the 12-month change.
3. Of the eight major components, rising food costs (+7.4%) were the most dominant factor contributing to November’s increase.
4. A sharp drop in prices for gasoline between October and November primarily contributed to the monthly decline in the CPI, while an increase in prices to purchase and lease passenger vehicles mitigated the fall.

Main contributors to the 12-month change in the CPI:

Main upward contributors:

1. Mortgage interest cost (+6.8%)
2. Fresh vegetables (+28.9%)
3. Natural gas (+16.8%)

Main downward contributors:

1. Gasoline (-14.4%)
2. Purchase and leasing of passenger vehicles (-2.7%)
3. Women’s clothing (-6.6%)

Main contributors to the monthly change in the CPI, not seasonally adjusted:

Main upward contributors:

1. Purchase and leasing of passenger vehicles (+7.2%)
2. Fresh vegetables (+20.0%)

Main downward contributors:

1. Gasoline (-21.4%)
2. Traveller accommodation (-7.8%)
3. Fuel oil and other fuels (-13.1%)