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Ekonomické zprávy
17.11.2021

Canada’s annual inflation rises in line with expectations in October

Statistics Canada reported on Wednesday the country’s consumer price index (CPI) rose 0.7 percent m-o-m in October, following a 0.2 percent m-o-m advance in the previous month. This represented the fastest pace since June 2020.

On a y-o-y basis, Canada’s inflation rate soared 4.7 percent last month, accelerating from 4.4 percent in September. This was the highest rate since February 2003.

Economists had predicted inflation would increase 0.7 percent m-o-m and 4.7 percent y-o-y in October.

According to the report, all eight major components of the headline CPI posted gains on a year-over-year basis in October, led by transportation (+10.1 percent y-o-y, the most since March 2003), which, in its turn, was driven by a jump in energy prices (+25.5 percent y-o-y). Excluding energy prices, the CPI rose 3.3 percent y-o-y in October.

Meanwhile, the closely watched the Bank of Canada's core index surged 3.8 percent y-o-y in October, following a 3.7 percent y-o-y jump in September. This was the highest reading since February 1990.

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