Canada’s CPI Rise 0.7% in October

Canada’s consumer price index (CPI) rose in October by 0.7% on an annual basis, on the back of higher food prices, according to data by Statistics Canada.

This comes following an increase 0.5% in September.

The rise in inflation rate last month exceeds market expectations of a 0.4% rise in Canadian consumer prices.

This is the biggest increase in inflation since June. However, it is the eighth consecutive month in which the rise in inflation came below 1%, since the beginning of the COVID-19 pandemic.