OTTAWA – According to Statistics Canada, the Consumer Price Index in October was up 0.7% from a year ago, as the annual pace of inflation increased on the back of higher prices for food.
An increase from a 0.5% year-over-year increase in September.
The consumer price index rose 0.7% in October from the previous year, after rising 0.5% in September. Statistics Canada says the rise was led by food prices. Excluding gasoline, the CPI rose 1%. Gas fell 12.4% in October year over year. pic.twitter.com/HcSxUkzQS1
– Richard Dettman (@rwdettman) November 18, 2020
Economists had expected a 0.4% year-over-year increase, according to financial data firm Refinitiv.
The jump in October is the biggest increase since June amid an eight-month period when monthly readings were below 1%.
The monthly increase was almost entirely due to higher food prices, particularly lettuce and fresh or frozen chicken, according to Statistics Canada.
The agency says rising housing costs contributed the most to the year-over-year increase, as falling mortgage rates coincided with increased demand for single-family homes.
In Alberta, the inflation rate rose 1.5% to 1.1% in October, the highest rate currently of any province in Canada.
Calgary’s inflation rate is 1.2 percent while Edmonton is 0.8 percent.