The Consumer Price Index (CPI) rose 6.9% year over year in Canada in October, matching the increase recorded in September.
Statistics Canada said on Wednesday that price increases in grocery stores have slowed, but that inflation has been affected by a rise in gas prices and the cost of mortgage interest.
Excluding food and energy, prices rose 5.3% year over year in October, after rising 5.4% in September.
According to Statistics Canada, higher prices at the pump put upward pressure on the all-items CPI. The agency also points out that Canadians who renewed their mortgages obtained higher interest rates.
Price growth for groceries, especially fruits, vegetables and meat, was weaker year over year, however, offsetting upward pressure.
On a monthly basis, the CPI rose 0.7% in October, after rising 0.1% in September. This is the strongest monthly increase since June 2022.
The average hourly wage rose 5.6% year over year in October, meaning that the rise in prices exceeded that in wages.
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