Inflation ticked up to 2% in October

Canada’s inflation rate rose to two per cent in October, according to Statistics Canada. This increase comes after the consumer price index had previously hit 1.6 per cent in September, driven by a significant drop in gas prices.

Gas prices continued to decline in October, although to a lesser extent than in the previous month. When excluding the impact of gasoline, inflation remained steady at 2.2 per cent, matching the rates seen in September and August.

In addition to the moderation in gas prices, shelter inflation also cooled in October. The costs of mortgage interest and rents grew at a slower pace during the month, contributing to the overall stability in inflation rates.

This latest data from Statistics Canada indicates a slight uptick in inflation, driven by a combination of factors including changes in gas prices and housing costs. As the economy continues to navigate various challenges, including supply chain disruptions and changing consumer behaviors, monitoring inflation rates will be crucial for policymakers and businesses alike.

Stay tuned for more updates on Canada’s economic landscape as the situation continues to evolve.