Inflation remains unchanged at 6.9% in October in the country

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L&rsquo inflation remains unchanged at 6.9% in October in the country

The slowdown in the growth of food prices was offset by the acceleration growth in gas prices and mortgage interest costs.

Gasoline price growth plays an important role in the runaway consumer price index.

The year-over-year consumer price index (CPI) remained unchanged at 6.9% in October in the country, according to Statistics Canada.

The federal agency notes that the slowdown in the growth of food prices has been offset by the acceleration in the growth of the price of gasoline and the cost of mortgage interest.

It must be said that the Bank of Canada has raised its key rate six consecutive times since the start of 2022. The key rate was set at 3.75% in October.

On a monthly basis, gasoline prices jumped 9.2% in October after falling 7.4% in September. Compared to October 2021, the price of gasoline increased by 17.8% in October 2022.

Rising interest rates pushed up loan rates in the Mortgage Interest Cost Index. In October, mortgage interest cost rose 11.4% year over year. This is the steepest increase since February 1991 (+11.7%).

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Year-over-year, October's food price increase (+10.1%) was lower than September's ( +10.3%). The rise in prices for meat (+5.5%), fresh fruit (+8.9%) and fresh vegetables (+11.0%) was less marked in October than in September, which contributed to the deceleration in food prices.

Despite this, the increase in the price of food purchased in stores continued to be higher than that of the country. headline CPI for an 11th consecutive month.

Inflation peaked at 8.1% in June before falling to 7.6% in July and to 7% in August.

The CPI boom is not uniquely Canadian. Inflation in the United States fell from 8.2% to 7.7% in October.

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