StatCan reports annual pace of inflation held steady at 1.9 per cent in October

The overall rise in prices came as food prices rose 3.7 per cent compared with a year ago

The annual pace of inflation held steady in October as the consumer price index rose 1.9 per cent compared with a year ago, matching its moves in August and September, Statistics Canada said Wednesday.

The result was also in line with the expectations of economists, according to financial markets data firm Refinitiv.

The overall rise in prices came as food prices rose 3.7 per cent compared with a year ago. Fresh fruit prices rose 7.9 per cent and fresh vegetable prices climbed 7.5 per cent.

Compared with a year ago, the price of gasoline was down 6.7 per cent in October compared with a 10.0 per cent decline in September. Natural gas prices rose 3.3 per cent compared with a year ago following a 5.8 per cent increase in September.

Statistics Canada said although global demand for oil remained low in October, there were slight price increases on a monthly basis due to temporary supply disruptions in the Middle East and a drop in crude oil inventories in the United States.

Excluding gasoline, the annual pace of inflation was 2.3 per cent in October, down from 2.4 per cent in September.

The average of Canada’s three measures for core inflation, which are considered better gauges of underlying price pressures, was 2.07 per cent compared with a revised figure of 2.03 per cent in September.

The core readings are closely monitored by the Bank of Canada, which adjusts its key interest rate target to manage inflation.

Regionally, prices were up 2.3 per cent compared with a year ago in Quebec, while Manitoba and B.C. both saw increases of 2.2 per cent. The annual pace of inflation was 1.7 per cent in Ontario.

READ MORE: Canadian annual inflation rate 1.9% last month

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Alberta man’s body recovered from Okanagan Lake after five-day search

‘The depth of the water, as well as the topography of the lake, made the recovery of the deceased very challenging’ - RCMP

Rose Valley Dam wildfire ‘under control’

B.C. Wildfire anticipates no further growth from the three-hectare fire

Central Okanagan residents invited to give input on regional transport plan

The plan will help Central Okanagan governments work together to connect people and places across the region

Okanagan set for thunderstorms before sunny weekend

Thunderstorms are predicted to give way to a hot, sunny weekend around Kelowna

Body of 21-year-old man found in Okanagan Lake

BC Coroners Service is investigating the circumstances of the man’s death

B.C. doctors, dentists call on province for mandatory mask rule

Open letter says masks should be worn in indoor public spaces, public transportation or in crowds

Merritt man arrested after allegedly touching children inappropriately

Skylar Mcleod, 24, is facing six charges, including one for sexual interference

Dwindling B.C. bamboo supply leaves Calgary Zoo biologists worried about pandas

Zoo has been trying to send pandas back to China since May

Facebook launches its new TikTok clone, Instagram Reels

Facebook has a long tradition of cloning competitive services

Masks urged for some students returning to Vernon schools

Phase two sees students return full-time Sept. 8

B.C. Appeal Court prevents Victoria woman from using the term ‘death midwife’ in her job

Pashta MaryMoon claimed she had been providing “death-care services” for more than 40 years

COLUMN: COVID-19 contact tracing app offers innovative approach

App designed to help monitor spread of pandemic in Canada

‘We all have anxieties’: B.C.’s top doctor addresses return-to-school fears amid COVID-19

Dr. Bonnie Henry promises school restart plan safe for B.C. kids

Most Read