Canada Inflation Rate Edges Up

Canadian annual inflation rate increased to 2.4 percent in October from 2 percent in September due to higher prices of shelter and food.
Statistics Canada | Ricardo Martins | 11/24/2014 12:29:13 PM
In October, shelter costs rose 2.8 percent led by a 20.1 percent gain in natural gas prices. Consumers also paid more for electricity, homeowners' home and mortgage insurance as well as rent. Property taxes rose 2.2 percent while mortgage interest cost declined 0.2 percent.

Food prices were up by 2.8 percent. Cost of food purchased from stores rose 3.1 percent, led by 12.4 percent increase in meat prices while food purchased from restaurants increased by 2.2 percent.

The transportation index increased 1.1 percent, after rising 0.5 percent in September. Despite recording four consecutive monthly decreases, gasoline prices went up 0.6 percent after falling 0.5 percent in September. Consumers also paid more for air transportation and for the purchase of passenger vehicles.

Prices for clothing and footwear advanced 3.1 percent, after rising 2.0 percent the previous month. Fewer discounts were observed this October compared with the same month a year earlier.

Annual core consumer prices increased 2.3 percent in October, after rising 2.1 percent in September.

Canada Inflation Rate Edges Up