Statistics Canada reported on Wednesday the country’s consumer price index (CPI) edged up 0.1 percent m-o-m in November, following a 0.4 percent m-o-m gain in the previous month.

On the y-o-y basis, Canada’s inflation rate increased 1.0 percent last month after advancing 0.7 percent in October.

Economists had predicted inflation would be flat m-o-m and increase 0.8 percent y-o-y in November.

According to the report, prices rose in six of the eight major components on a year-over-year basis in November, led by gains in prices for food (+1.9 percent y-o-y), shelter (+1.9 percent y-o-y) and health and personal care (+2.0 percent y-o-y).

Meanwhile, the closely watched the Bank of Canada's core index rose 1.5 percent y-o-y in November, following a 1.0 percent y-o-y advance in October. This was the highest rate since March.