7 per cent in October 2021 from 4.4 per cent in September, according to Statistics Canada.Ottawa, November 18 : , Canada’s October 2021 annual inflation increased to 4.7% from September at 4.4%, Statistics Canada reports.It was the largest year-over-year rise since February 2003 because of snarls in supply chains, bumps in prices at the pump and comparisons to lows seen in 2020.
This was due to snarls and price bumps at the pump, as well as comparisons with 2020’s lows.
All eight components that the data agency tracks were higher, but the increase was led by higher transportation costs, which went up by more than 10 per cent in 2020, Xinhua news agency reported.
The eight main components of the data agency were all higher than expected, however, the reason was higher transportation costs which increased by over 10 percent in 2020, Xinhua news agency reported.
The increase in consumer prices for transportation was primarily driven by a 25.5 per cent rise in energy prices.A 25.5 percent rise in oil prices was the main driver of transportation prices rising.
The gasoline prices rose 41.7 per cent in the country in October compared with the same month of 2020.In October, gasoline prices increased by 41.7 percent in the country compared to the same month in 2020.Excluding energy prices, the consumer price index (CPI) was up 3.3 per cent in September compared with October 2020.The consumer price index (CPI), which excludes energy, was higher by 3.3 percent in September than October 2020.
Food prices continued to creep higher, too.The food prices also continued to rise.Meat prices rose by almost 10 per cent, on average, with bacon, in particular, going up at more than twice that rate.On average, meat prices increased by nearly 10%, with bacon rising at more than twice the rate.
October’s inflation marked a new pandemic-era high for the CPI, which came in above the Bank of Canada’s target range of between one and three per cent for the seventh consecutive month.October’s inflation was a pandemic-era record.It was above the Bank of Canada target range of one to three percent for the seventh month.
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