Annual inflation rate was 6.9 per cent in October: StatCan

OTTAWA –

Canada’s annual inflation rate was 6.9 per cent in October.

Statistics Canada says the rate of inflation held steady in October from September after declining for several months as gas prices went up.

This is a breaking news update. More to come…

Statistics Canada is expected to release October inflation numbers this morning.

Economists are warning Canada’s annual inflation rate likely ticked higher as gas prices went up and grocery costs continued to soar last month.

The annual inflation rate was 6.9 per cent in September.

It has been steadily declining since reaching its highest rate this year of 8.1 per cent in June.

The Bank of Canada has been rapidly raising interest rates in response to decades-high inflation and is expected to deliver another rate hike next month.

The central bank is forecasting inflation will return to its two per cent target by the end of 2024.

This report by The Canadian Press was first published Nov. 16, 2022.

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