Inflation Steady at 1.9%
CBJ — The annual rate of inflation came in at a steady 1.9% in October, much to the satisfaction of the Bank of Canada’s ideal rate of 2%.
There was also a 1.9% increase in August and September.
Fresh fruit prices were up nearly 8% compared with a year ago, with fresh vegetable prices up 7.5%.
Gasoline prices at the pumps were down about 6.7%, despite an increase in natural gas prices of more than 3%.
The Bank of Canada has kept its key overnight trendsetting rate at 1.75% for some time now, but there have been rumblings it could be pushed slightly higher… but only if the inflation rate did not reach the desired targets, which it has for the past three consecutive months.