Published November 19, 2024 at 8:42 am
Last Updated November 19, 2024 at 9:00 am
Canada’s inflation rate rose to two per cent last month, up from 1.6 per cent in September, as gasoline prices exerted less downward pressure on annual price growth.
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.
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.
With inflation back around the Bank of Canada’s two per cent target, the central bank is still expected to continue cutting interest rates in the coming months, including in December.
The size of the next rate cut, however, will be driven by the central bank’s interpretation of economic data, including the October inflation figures.
The central bank’s …