Canada’s inflation hits 18-year high

The Canadian Statistics Office announced the CPI data for October. Accordingly, Canadian consumers’ cost of living increased by 0.7 percent in …

The Canadian Statistics Office announced the CPI data for October. Accordingly, Canadian consumers’ cost of living increased by 0.7 percent in October compared to the previous month.

CPI, which showed the highest monthly increase since June 2020, followed a course in line with market expectations in this period. CPI increased by 0.2 percent on a monthly basis in September.

CPI in the country increased by 4.7 percent on an annual basis in October, in line with the expectations. Thus, annual inflation in Canada showed the highest increase recorded since February 2003.

CPI, which continued to rise for 7 consecutive months, increased by 4.4 percent on an annual basis in September.

In this period, prices in all 8 main items taken into account in the inflation calculation increased on an annual basis.

The 10.1 percent increase in transportation prices was the most prominent item in October inflation. The increase in transportation prices resulted from the 25.5 percent increase in energy prices.

In the same period, housing item increased by 4.8 percent and food prices increased by 3.8 percent.

Analysts stated that the upward trend in inflation in Canada is likely to continue.

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