StatCan reports annual pace of inflation held steady at 1.9 per cent in October

The overall rise in prices came as food prices rose 3.7 per cent compared with a year ago

The annual pace of inflation held steady in October as the consumer price index rose 1.9 per cent compared with a year ago, matching its moves in August and September, Statistics Canada said Wednesday.

The result was also in line with the expectations of economists, according to financial markets data firm Refinitiv.

The overall rise in prices came as food prices rose 3.7 per cent compared with a year ago. Fresh fruit prices rose 7.9 per cent and fresh vegetable prices climbed 7.5 per cent.

Compared with a year ago, the price of gasoline was down 6.7 per cent in October compared with a 10.0 per cent decline in September. Natural gas prices rose 3.3 per cent compared with a year ago following a 5.8 per cent increase in September.

Statistics Canada said although global demand for oil remained low in October, there were slight price increases on a monthly basis due to temporary supply disruptions in the Middle East and a drop in crude oil inventories in the United States.

Excluding gasoline, the annual pace of inflation was 2.3 per cent in October, down from 2.4 per cent in September.

The average of Canada’s three measures for core inflation, which are considered better gauges of underlying price pressures, was 2.07 per cent compared with a revised figure of 2.03 per cent in September.

The core readings are closely monitored by the Bank of Canada, which adjusts its key interest rate target to manage inflation.

Regionally, prices were up 2.3 per cent compared with a year ago in Quebec, while Manitoba and B.C. both saw increases of 2.2 per cent. The annual pace of inflation was 1.7 per cent in Ontario.

READ MORE: Canadian annual inflation rate 1.9% last month

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

St. Augustine School grads cross the stage at long last

‘Drive-thru’ grad held for St. Augustine School class of 2020

Mayor gives update on Water Commission

BIA letter to council and other briefs from Sept. 21 meeting

International Day of Older Persons celebrations planned on Oct. 1

The Town of Ponoka and the Ponoka branch of the Royal Canadian… Continue reading

Central zone down to 16 active COVID-19 cases

Alberta Health Services’ central zone is down to 16

No safe mask option for bearded members, RCMP says, but force is exploring solutions

RCMP says respirator not mandatory in all front-line situations, but sometimes needed to reduce risk

Best of Ponoka Readers’ Choice Awards 2020

Here is your chance to show your support for the outstanding services… Continue reading

Lightning strike: Tampa Bay blanks Dallas 2-0 to win Stanley Cup

Hedman wins Conn Smythe Trophy as playoff MVP

Liberals seek to fast track new COVID-19 aid bill after CERB expires

Government secured NDP support for legislation by hiking amount of benefits by $100 to $500 per week

‘Worst of the worse cases:’ Alberta horse owners on alert for outbreak of fever

An outbreak of the Potomac horse fever has been declared in Alberta

The holiday everyone needs this year: Vote for your favourite in Fat Bear Week 2020

Voters will get to decide who gets to take home this year’s most coveted prize

Canadian ski resorts wrestle with pandemic-vs.-profit dilemma as COVID-19 persists

Few are actually restricting the total number of skiers they allow on the hill

End of CERB means uncertainty for some, new system for others

As of a week ago, the CERB had paid out $79.3 billion to 8.8 million people

Most Read