Canada’s inflation rate rebounds to 2% in October

Consumer Price Index (CPI)

Statistics Canada reported that October’s inflation rate rebounded to 2%. This is the highest rate since June’s 2.5% and is an increase from the previous month’s 1.9%. The increase was largely due to higher gasoline prices, which rose by 4.3% in October.

Transportation

The transportation index rose 2.4% in October, following a 1.8% increase in September. This was largely due to higher gasoline prices, which increased by 4.3% in October.

Food

The food index rose 0.4% in October, following a 0.2% increase in September. This was largely due to higher prices for fresh vegetables, which rose by 3.1% in October.

Shelter

The shelter index rose 0.3% in October, following a 0.4% increase in September. This was largely due to higher prices for rent, which rose by 0.3% in October.

The Bank of Canada has said it will keep interest rates low until inflation reaches its 2% target. However, the recent rebound in inflation may put pressure on the bank to raise rates sooner than expected.