After showing signs of easing in September, the Consumer Price Index continued to rise in October at an annual rate of 6.9%, the same as the previous month.
The rise in prices is mainly due to higher gasoline prices, says Statistics Canada. On a month-to-month basis, the CPI is up 0.7%. This is the strongest monthly increase since June 2022.
Food price increases have slowed, but gasoline prices and mortgage costs have increased. Excluding gasoline and food, prices rose 5.3%, slightly less than the previous month’s reading of 5.4%.
In Quebec, price increases slowed slightly in October, from 6.5% in September to 6.4%.
More details to come