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U.S. markets recover from steep losses
OTTAWA, Dec. 19 (UPI) -- Inflation in Canada dipped to 2 percent in November, driven primarily by lower gasoline prices, Statistics Canada reported from Ottawa Friday.
On a monthly basis, gasoline prices fell 21.4 percent from October to November. On an annual basis, they were 14.4 percent less than November 2007, the report said.
However, excluding gasoline, the consumer price index rose 2.8 percent in the 12 months to November, the fastest pace of growth since May 2003. StatsCan said.
"Following a 12-month rise of 6.1 percent in October, food prices rose 7.4 percent in November, the largest increase since November 1986," the report said.
Largely imported fresh vegetable prices rose 28.9 percent. The Canadian dollar lost 20.6 percent against the U.S. dollar on an annual basis in November. Bakery and cereal product prices were up 12.9 percent, the agency said.
The report said shelter costs were the second largest contributor, up 3.9 percent in November.
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