Canada’s annual inflation rate held at 1.0 per cent in October, remaining at the lower end of the central bank’s target range as it was held down by cheaper energy prices, data from Statistics Canada showed on Friday.
Advertisement
The figures were in line with economists’ expectations that inflation would match September’s reading. Economists surveyed by Bloomberg News forecast a 0.1 percent increase, based on the median of 18 projections.
The cost of fresh fruit was up 13 per cent compared with a year ago, while fresh vegetables increased 13.9 per cent and meat gained 5.0 per cent. But lower gasoline prices helped moderate the overall increase.
The all-items consumer-price index advanced 1% in October from a year earlier, Statistics Canada said Friday, matching September’s gain.
The gasoline index was down 17.1 per cent compared with a year ago. “The transportation index, which includes gasoline, recorded its 12th consecutive year-over-year decline”. That so-called volume measure of sales is a better indication of retail’s contribution to economic growth.
Sales were off in six of the country’s 10 provinces, including oil-sensitive Alberta, which saw a drop of 1.1 percent with decreases across most store types.
Advertisement
On a month-over-month basis, headline CPI increased 0.1% in October, while core inflation expanded 0.3%.
