Sina Finance reported on the 18th that Canada's core inflation rate reached its highest level in ten years in November, supporting this month's decision by decision makers not to cut interest rates in the face of worrying pressure from a slowdown in growth.

Statistics Canada announced on Wednesday that the inflation rate rose 2.2% year on year in November, up from 1.9% in October due to rising housing and vehicle costs. The data is in line with economists' expectations. The consumer price index fell 0.1% month-on-month, which is also in line with expectations.

Core inflation rose to 2.2% from 2.1% in October, the highest level since 2009.

Wednesday's report confirmed the Bank of Canada's view. The central bank said in its December interest rate statement that inflation will temporarily rise in the next few months due to changes in gasoline prices.

“If gasoline prices remain stable, then the overall inflation rate in the second quarter of next year will also fall, because it will be more stable year over year,” Royal Bank of Commerce economist Royce Mendes of the Canadian Imperial Bank of Commerce wrote in a report.