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

Nearly 6,000 children living in poverty throughout the Central Okanagan: report

A BC Child Poverty Report Card states that one in six children live in poverty

‘Latte-sipping urbanites’ need to realize value of mining in B.C., association head says

Industry generates a total of $3.9 billion in sales of goods and service across the province

Kelowna Chiefs backup helping team remain atop the league

Michael Toole has helped the Chiefs in backup duties with 10 wins in

Will Kelowna’s palm trees survive the winter?

The trees are hardy and should survive

‘Deeply sorry’: Former West Kelowna teacher offers emotional apology to student he sexually exploited

Judge will make decision on Bradley Furman’s sentencing in the coming weeks

Fashion Fridays: The basics you need for your body type

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Funding approved for conservation projects in South Okanagan and Similkameen

Regional District of Okanagan Similkameen provides funds for nine projects

New U.S. LNG terminal near northwestern B.C. town proposed

AlaskCAN International LNG wants terminal just over Canadian border, but using B.C gas

Couple wonders who’s in a Cariboo photo that’s been hanging in their home for years

Charles and Lynn Dick believe the image was taken at the 70 Mile Road House

Here’s what Canada is doing to stop the coronavirus from getting in

Health officials are monitoring multiple possible cases in Canada

‘I would not go’ to China says B.C. traveller concerned about coronavirus

Alice Li said she goes to China every other year but would scrap any travel plans

Royal Canadian Legion expels B.C. member for wearing unearned military commendations

‘Stolen valour is stolen service and it’s just totally wrong’

Morning Start: Chinese New Year, Year of the Metal Rat

Your morning start for Friday, Jan. 24

Most Read