BREAKING: Inflation in Canada remained unchanged at 6.9 per cent in October on a year-over-year basis, according to Statistics Canada.
The consumer price index rose 6.9 per cent from a year ago, in line with economist expectations and matching the increase in September, Statistics Canada reported Wednesday. The index gained 0.7 per cent during the month, a touch lighter than the 0.8 per cent month-on-month gain forecast by economists.Bonds fell, with Canada’s two-year yield rising to 3.877 per cent at 8:43 a.m. Ottawa time, about 3.5 basis points higher than its level prior to the data release.
October’s numbers suggest taming inflation is “going to be a marathon, it’s not going to be a spring. It’s going to take time before we see some conclusive evidence” of price pressures abating, Jimmy Jean, chief economist at Desjardins Securities, told BNN Bloomberg television after the release. Pushing inflation higher in October were rising prices for gasoline, which jumped 9.2 per cent on the month. Slower price growth for natural gas and groceries, however, helped offset that effect.
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