12/19/2014 08:38 EST | Updated 02/18/2015 05:59 EST

Inflation rate cools to 2% on cheaper gasoline

Canada's inflation rate cooled to two per cent in November, down from 2.4 per cent the previous month mainly due to a sharp decline in gasoline prices.

Statistics Canada said Friday that gasoline prices declined almost six per cent last month, down to their lowest level since February 2011 and enough to drag the overall inflation rate lower.

Economists had been expecting the inflation rate to stay at 2.4 per cent during the month on the assumption that price increases in other areas would have been enough to offset cheaper energy. But that didn't happen.

Aside from gasoline, some of the major contributors to price decreases were travel tours at 10 per cent, video equipment at 9.3 per cent, digital computing equipment and devices at 4.2 per cent.