Canada inflation up 2% | CTV News [Video]

OTTAWA –

Canada’s annual inflation rate accelerated more than expected to two per cent in October as gas prices fell less than the previous month, data showed on Tuesday, shrinking market bets for a bigger rate cut next month. 

Analysts polled by Reuters had forecast the inflation rate would speed up to 1.9 per cent from 1.6 per cent in September. In August, the annual rate was two per cent.  

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On a monthly basis, the consumer price index rose by 0.4 per cent after two consecutive monthly declines, Statistics Canada data showed. The monthly gain also beat market expectations of a 0.3 per cent increase.

It was the first pick-up in the annual inflation rate since May. The central bank forecasts consumer price inflation to be 2.5 per cent this year and 2.2 per cent next year.

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