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Inflation & Prices

Canada Inflation Steady at 6.9%, Keeping Rate Hikes on Track

  • Rising gasoline prices keep CPI elevated; food inflation eases
  • Core reading is around 5% and wage growth remains strong
A shopper at a grocery store in Toronto.

A shopper at a grocery store in Toronto.

Photographer: Cole Burston/Bloomberg
Updated on

Canada’s annual inflation rate held steady in October, but some key gauges of underlying price pressures trended higher, likely keeping the central bank on track to press ahead with interest rate hikes.

The consumer price index rose 6.9% from a year ago, in line with economist expectations and matching the increase in September, Statistics Canada reported Wednesday. The index gained 0.7% during the month, a touch lighter than the 0.8% month-on-month gain forecast by economists.