Annual Inflation Hits 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)