Loonie drops below 70 cents US as inflation cools in November – National [Video]

The annual rate of inflation slowed to 1.9 per cent in November, Statistics Canada said Tuesday.

The agency cited a “broad-based” slowing in price hikes, particularly on travel tours and on mortgage costs, contributing to the cooling off.

That’s down from an inflation rate of two per cent in October.

The November inflation data comes as the Canadian economy struggles and the Bank of Canada trims its key interest rate, looking to stimulate growth heading into 2025.

The Canadian meanwhile dollar dipped below 70 cents to its U.S. counterpart for the first time since the early days of the COVID-19 pandemic on Tuesday morning, continuing a rough close to 2024 for the loonie.

The loonie has largely faltered over recent weeks compared to the U.S. dollar as the re-election of Donald Trump south of the border sparks uncertainty and a flood of investor dollars into the American greenback.

That puts pressure on the cost of …