Canada’s annual inflation rate unchanged in October
Canada's inflation rate remained unchained in October. Senior Business Editor Mike Eppel with what that means for grocery prices and interest rates.
Posted November 16, 2022 8:41 am.
Last Updated November 16, 2022 11:13 am.
Statistics Canada says the annual inflation rate was 6.9 per cent in October.
After declining for several months, the rate of inflation held steady in October from September as gas prices went up.
The federal agency says higher mortgage interest costs also put upward pressure on inflation.
However, offsetting higher gas prices and rising interest rates was a slowdown in price growth for groceries and natural gas.
Grocery prices have been rising at the fastest pace in decades, pinching Canadians’ budgets and raising concerns about the cost of living.
In October, grocery prices rose 11 per cent compared with a year ago, down from 11.4 per cent a month prior.
