Annual Inflation Hits 2.4%

Inflation 2-4

CBJ — The national annual inflation rate hit 2.4% last month due to higher gasoline prices.

The October inflation number marked an increase from 2.2% in September according to figures released by Statistics Canada.

The ideal rate of inflation is 2.0% according to the Bank of Canada.  If volatile items such as gasoline are excluded inflation does come in a 2.0%, but there are those who believe gasoline should always be included because it affects such an overwhelmingly large number of Canadians.

In a separate report, Statistics Canada said retail sales for September moved up 0.2% compared with August. Month-to-month retail trade was essentially unchanged in August and saw an increase of 0.2% in July.

The September increase brought retail trade to $50.9 billion for the month.

Statistics by province (previous month in brackets):

  •    Newfoundland and Labrador: 2.1% (1.4)
  •    Prince Edward Island: 2.5 (1.7)
  •    Nova Scotia: 2.9 (1.7)
  •    New Brunswick: 2.8 (2.0)
  •    Quebec: 1.7 (1.7)
  •    Ontario: 2.5 (2.2)
  •    Manitoba: 2.7 (2.4)
  •    Saskatchewan: 2.4 (1.8)
  •    Alberta: 2.8 (3.0)
  •    British Columbia: 3.0 (2.5)

@CanBizJournal

 

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