Canada’s inflation surges to 4.7% in October
The annual inflation in Canada further increased in October to reach 4.7%, the highest value since February 2003, according to a report published by Statistics Canada on Wednesday. The consumer prices rose by 0.7% last month compared to September.
The growth of transportation prices (10.1%) contributed the most to the change in the all-items index, the release noted, adding that the increase was primarily driven by a rise in energy prices (25.5%).
The Bank of Canada hinted during October that it could raise its key interest rates in April next year, warning inflation will likely stay above its 1-3% target during this and next year.
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