Statistics Canada reported on Wednesday the country's consumer price index (CPI) edged down 0.1 percent m-o-m in November, following a 0.3 percent m-o-m increase in the previous month.

On the y-o-y basis, Canada's inflation rate increased 2.2 percent last month after a 1.9 percent gain in each of the previous three months. That was the highest inflation rate since May.

Economists had predicted inflation would decrease 0.1 percent m-o-m but advance 2.2 percent y-o-y in November.

According to the report, gasoline prices drove the CPI increase in November, growing 0.9 percent y-o-y, following a 6.7 percent y-o-y decline in October. Excluding gasoline, the CPI rose 2.3 percent y-o-y, the same pace as in October.

Meanwhile, the closely watched the Bank of Canada's core index rose 1.9 percent y-o-y in November, the same pace as in each of the previous three months. Economists had forecast an advance of 1.9 percent y-o-y.