Inflation stays above target
Food prices were up 4.3 per cent in October from year earlier
POSTMEDIA NEWS
Annual inflation was 2.9 per cent in October, driven largely by rising prices for gasoline and food, Statistics Canada said Friday.
Economists polled by Bloomberg had predicted 2.8 per cent. Still, it was lower than the 3.2 per cent rate of inflation seen in September.
This marks the 11th straight month overall inflation nationally has been running at more than two per cent, the Bank of Canada’s target.
Food prices were up 4.3 per cent in October from a year earlier, as they were in September. Food cost people 4.9 per cent more than last year at stores and 3.1 per cent more at restaurants.
Prices were up in all eight of Statistics Canada’s major price categories. The biggest price gains were in transportation at 6.7 per cent, which factored in gasoline. Within this grouping, consumers were also paying for vehicle insurance and the vehicles themselves.
On a monthly basis, overall consumer prices were up 0.3 per cent in October from September, on a seasonally adjusted basis. That was down from the 0.4 per cent advance in prices a month earlier.
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