Canada’s annual inflation rate held steady in October after several months of slowing as gas prices climbed.
In its latest consumer price index report, Statistics Canada said the country’s annual inflation rate was 6.9 per cent last month, remaining unchanged from September.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Despite the slowdown, grocery prices continued to rise at a faster year-over-year pace than overall inflation for an eleventh consecutive month.The latest inflation numbers come after several months of declines in headline inflation. After reaching a peak of 8.1 per cent in June, inflation has slowed, largely due to tumbling gas prices.
The cost of living is a top concern in the Canadian economy as inflation erodes purchasing power and pushes the Bank of Canada to raise interest rates rapidly. Higher interest rates are expected to bring about an economic slowdown that the central bank hopes will bring inflation down.Article content
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