Inflation came in at 13.5% in November, which was up from October’s 13.3%. November’s reading was the highest inflation rate since our current records began. Looking at the details of the release, the change in prices for food and transportation increased at a quicker pace Meanwhile, prices for clothing and footwear grew at a more subdued pace.
The trend pointed up, with annual average inflation coming in at 10.2% in November (October: 9.4%). Meanwhile, harmonized inflation rose to 13.0% in November, from October’s 12.7%.
Lastly, consumer prices increased 0.91% in November over the previous month, moderating from October’s 1.34% increase. November’s result marked the softest rise in prices since August.
Our panelists see inflation averaging 6.3% in 2023, which is unchanged from last month’s forecast, and 2.8% in 2024.