Canada’s inflation rate rose to two percent last month, up from 1.6 percent in September, as gasoline prices exerted less downward pressure on annual price growth.
The report from Statistics Canada on Tuesday says prices in October increased at a faster annual pace in five out of the eight major components of the consumer price index.
A major driving factor of the uptick in headline inflation was gasoline prices on an annual basis falling to a lesser extent in October compared with September.
With inflation back around the Bank of Canada’s two percent target, the central bank is still expected to continue cutting interest rates in the coming months, including in December….