OTTAWA (NEWS 1130) – Statistics Canada says the Consumer Price Index rose 1.9 per cent in October, matching the year-over-year increase in August and in September.
The result was in line with the expectations of economists, according to financial markets data firm Refinitiv.
Consumers paid less for gas last month on a year-over-year basis, paying 6.7 per cent less after a 10 per cent decline the month before.
Global demand for oil stayed low in October, but there were price increases because of supply disruptions in the Middle East, and lowered inventory in the U.S.
Natural gas prices rose 3.3 per cent year-over-year after an increas of 5.8 per cent the month before. Utilities in Ontario and Quebec revised commodity prices to reflect the current current and forecast natural gas prices across North America.
The overall rise in prices came as fresh fruit prices rose 7.9 per cent compared with a year ago and fresh vegetable prices climbed 7.5 per cent.
The average of Canada’s three measures for core inflation, which are considered better gauges of underlying price pressures, was 2.07 per cent compared with a revised figure of 2.03 per cent in September.
With files from the Canadian Press