Our country’s inflation rate rose in October following four consecutive months of declines, according to Statistics Canada.
The consumer price index climbed two per cent last month, up from a 1.6 per cent increase in September.
StatCan said gasoline prices fell less than the month before, partly due to a base-year effect.
Prices for goods rose 0.1 per cent on a year-over-year basis following a one per cent decline in September. Meanwhile, prices for services rose 3.6 per cent, the smallest yearly increase since January 2022.
Grocery prices outpaced headline inflation for the third consecutive month. Prices for food purchased from stores rose 2.7 per cent in October compared with 2.4 per cent in September.
StatCan said notable contributors to the acceleration were higher prices for other fresh vegetables and preserved fruit and fruit preparations, moderated by downward pressure from fresh or frozen beef, among other food items.
Meanwhile, shelter price growth continued to ease, rising 4.8 per cent in October compared to five per cent in September.
Year over year, prices rose at a faster pace in October compared with September in all provinces.
The largest increases came in Alberta (3.0 per cent), British Columbia (2.4 per cent), Ontario (2.0 per cent), New Brunswick (1.8 per cent), Quebec (1.6 per cent) and Saskatchewan (1.6 per cent).
That was followed by Nova Scotia (1.5 per cent), Prince Edward Island (1.3 per cent), Newfoundland and Labrador (1.1 per cent) and Manitoba (1.1 per cent).
You can view the full report on Statistics Canada’s website.
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