Canada\u2019s inflation rate rose to 2% last month, up from 1.6% in September, as gasoline prices exerted less downward pressure on annual price growth.<\/p>\n
The report from Statistics Canada on Tuesday says prices in October increased at a faster annual pace in five out of the eight major components of the consumer price index.<\/p>\n
A major driving factor of the uptick in headline inflation was gasoline prices on an annual basis falling to a lesser extent in October compared with September.<\/p>\n
With inflation back around the\u00a0Bank<\/span> of Canada\u2019s 2% target, the central bank<\/span>\u00a0is still expected to continue cutting interest rates in the coming months, including in December.<\/p>\n The size of the next rate cut, however, will be driven by the central bank\u2019s interpretation of economic data, including the October inflation figures.<\/p>\n The central bank\u2019s interest rate cuts have helped take pressure off shelter price inflation as mortgage interest costs decelerate.<\/p>\n Pressure in the rental market has also relented, with rent rising 7.3% from a year ago, down from an 8.2% annual gain in September.<\/p>\n Property taxes and other special charges rose at the fastest annual pace since 1992, increasing 6% from a year ago. That was up from a 4.9% annual increase in October 2023.<\/p>\n Meanwhile, grocery prices increased faster last month, rising 2.7% from a year ago.<\/p>\n The\u00a0Bank<\/span>\u00a0of Canada\u2019s preferred core measures of inflation, which strip out volatile prices, picked back up again last month.<\/p>\n","protected":false},"excerpt":{"rendered":" The rate is now back to the Bank of Canada’s target<\/p>\n","protected":false},"author":186339,"featured_media":433222,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2313,2312],"tags":[2426,107457,2714,99154],"yst_prominent_words":[2177,28049,26074,25493,21877,19529,16547,15541,13147,11943,11433,9299,7198,6855,6834,6076,5305,2225,2171],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/496968"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/186339"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=496968"}],"version-history":[{"count":1,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/496968\/revisions"}],"predecessor-version":[{"id":496970,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/496968\/revisions\/496970"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media\/433222"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=496968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=496968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=496968"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=496968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}