Annual rate of inflation rose to 0.7 per cent in October
Posted Nov 18, 2020 06:39:18 AM.
Last Updated Nov 18, 2020 07:42:45 AM.
OTTAWA – Statistics Canada says the consumer price index in October was up 0.7 per cent compared with a year ago as the annual pace of inflation increased led by higher food prices.
The increase compared with a year-over-year rise of 0.5 per cent in September.
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 monthly rise was almost entirely driven by rising food prices, particularly lettuce and fresh or frozen chicken, Statistics Canada says.
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.
In Alberta, the inflation rate rose 1.5 per cent to 1.1 per cent in October, the highest currently of all provinces in Canada.
Calgary’s inflation rate sits at 1.2 per cent while Edmonton is at 0.8 per cent.