Canada’s Inflation Rate Ticks Back Up to 2% in October

Statistics Canada reports that the consumer price index rose 2.1% year-over-year in October.

The increase was driven by higher costs for gasoline, food, and shelter.

The Bank of Canada has been raising interest rates in an effort to cool inflation.

Gasoline prices rose 12.8% in October, following a 17.8% increase in September.

Food prices rose 5.4% in October, the fastest pace since August 2011.

Shelter costs rose 1.9% in October, the largest monthly increase since February 2021.

The Bank of Canada has raised interest rates five times this year, with another hike expected next month.

The central bank is trying to bring inflation back to its 2% target.

Inflation has been running above 2% since April 2021.