Canadian inflation remained at 3.1% in November, Statistics Canada reported Tuesday.

The consumer price index held steady after also reaching 3.1% in October, according to the federal agency. In November, higher travel-tour prices placed upward pressure on the CPI.

Excluding food and energy cost increase, inflation rose 3.5% in November compared to 3.4% in October. However, mortgage interest costs spiked 29.8% in November.

The inflation figures come after Tiff Macklem, the Bank of Canada’s governor, said it’s too early to curb interest-rate hikes. The central bank is seeking to cool demand and return inflation to its 2% target.

The BoC boss expects inflation declines to be gradual.

“We don’t need to wait until inflation is all the way back to the 2% target to consider easing policy, but it does need to be clearly headed to 2%,” he said.