Canada's annual inflation rate was announced at 3.1% in November

The rate of increase in food prices has decreased for the fifth consecutive month. Food prices increased by 4.7% compared to last year, but decreased compared to the figure of 5.4% in October.

Service prices were unchanged last month, rising 4.6 percent year-on-year, as higher prices for travel tours were offset by lower prices for mobile services.

The Bank of Canada has decided to keep its key interest rate steady at five percent for the past several months, but has not ruled out further rate hikes if inflation remains high.

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