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Free AccessMNI BRIEF: Canada Oct Inflation Rises to 4.7%, Most Since 2003
Canada's inflation rate was the fastest since 2003 in October at 4.7% on gains in every major category led by gasoline and automobiles, the federal statistics office reported Wednesday.
It was the seventh month above the central bank's 1%-3% target band and accelerated from September's 4.4% pace. The consumer price index climbed 0.7% on the month. The monthly and 12-month gains matched economist forecasts. Inflation hasn't topped 4.7% since 1991 when the Bank of Canada became the first G7 nation to adopt inflation targets, following only New Zealand.
Gains were led by a 42% jump in gasoline, a 14% rise in homeowners' replacement costs and auto prices that climbed 6.1%, Statistics Canada said. The Bank of Canada's three core price measures averaged 2.7% from a year earlier, matching the September pace that was the fastest since 2008. Deputy Governor Larry Schembri on Tuesday said inflation is transitory, following Monday comments from Governor Tiff Macklem that the central bank will react if needed to keep inflation under wraps.
The opposition Conservative Party has stepped up attacks on the Liberal government and Macklem for loose fiscal and monetary policies boosting the cost of living and urged them to quickly renew a commitment to the 2% inflation target without adding any new mandates such as inclusive employment or climate change. The BOC's October projections call for 4.8% inflation this quarter and boosted the 2022 projection by a full percentage point to 3.4%.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.