Inflation rate up 0.7% in October, driven by higher food prices – National | Globalnews.ca

Economists had expected a year-over-year increase of 0.4 per cent, according to financial data firm Refinitiv.

The jump in October is the sharpest increase since June amid an eight-month spell where monthly readings have been under one per cent.

Click to play video 'Bank of Canada puts money on consumer spending for pandemic recovery' Bank of Canada puts money on consumer spending for pandemic recovery

The monthly rise was almost entirely driven by rising food prices, particularly lettuce and fresh or frozen chicken, Statistics Canada says.

Story continues below advertisement

The agency says rising housing costs contributed the most to the year-over-year increase as lower mortgage rates have coincided with increased demand for single-family homes.

This content was originally published here.

admin

Read Previous

Business sentiment rose before second-wave lockdowns: BoC – BNN Bloomberg

Read Next

Loonie has ‘no business’ being at 79 cents: CIBC’s Tal – BNN Bloomberg

Leave a Reply

Your email address will not be published. Required fields are marked *