Statistics Canada says prices at the pumps rose 9.2 per cent following a summer of declines from record highs
Canada’s inflation rate held steady in October at elevated levels, snapping a three-month streak of deceleration that was heavily influenced by rising costs at gas stations.inflation rate
Canada’s inflation reports have been frequently whipsawed by volatile prices at the pumps. In October, gas prices jumped 9.2 per cent, following a summer of declines from record highs. Statscan said announcements of oil production cuts among overseas producers and a weaker Canadian dollar contributed to the recent upswing in costs.
said last week in a speech. “Monetary policy has begun to have an impact, but it will take time for the effects of higher interest rates to spread through the economy and reduce demand and inflation.”
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