Canada’s inflation rate ticks back up to two per cent in October, StatCan says

By The Canadian Press on November 19, 2024.

Statistics Canada is expected to release its October consumer price index report this morning. A Statistics Canada sign is pictured in Ottawa on Wednesday, July 3, 2019. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – Statistics Canada’s consumer price index report today says the annual inflation rate hit two per cent last month.

That’s up from 1.6 per cent in September.

The report says gasoline prices on an annual basis fell to a lesser extent in October compared with September.

Rent prices rose 7.3 per cent from a year ago, down from an 8.2 per cent annual gain in September.

Meanwhile, grocery prices increased faster last month, rising 2.7 per cent from a year ago.

With inflation back around the Bank of Canada’s two per cent target, the central bank is expected to continue cutting interest rates in the coming months, including in December.

This report by The Canadian Press was first published Nov. 19, 2024.