OTTAWA – Canada’s inflation rate rose 0.7 per cent in October from a year earlier, after a 0.5 per cent increase in September, Statistics Canada says.
The rise in the Consumer Price Index was almost entirely driven by food prices, particularly lettuce and fresh or frozen chicken, according to the agency. Excluding gasoline, the CPI rose 1 per cent. Gas was down 12.4 per cent in October year-over-year.
The Consumer Price Index rose 0.7% in October from a year earlier, after a 0.5% increase in September. Statistics Canada says the rise was led by food prices. Excluding gasoline, the CPI rose 1%. Gas was down 12.4% in October year-over-year. pic.twitter.com/HcSxUkzQS1
— Richard Dettman (@rwdettman) November 18, 2020
Economists had expected a year-over-year increase of 0.4 per cent, according to financial data firm Refinitiv.
The jump in October is the sharpest increase since June amid an eight-month spell where monthly readings have been under one per cent.
The agency says rising housing costs contributed the most to the year-over-year increase as lower mortgage rates have coincided with increased demand for single-family homes.
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