The Globe and Mail reports in its Thursday, Nov. 18, edition that Canadian inflation soared in October to its quickest pace in almost 19 years.
The Globe's Matt Lundy and Mark Rendell write that the consumer price index rose 4.7 per cent in October from a year earlier, Statistics Canada said Wednesday, up from 4.4 per cent in September. It was the seventh consecutive month that inflation has exceeded the Bank of Canada's target range of 1 per cent to 3 per cent and it marked the highest annual rate since February, 2003.
Prices rose in all eight major components of the CPI, led by a 10.1-per-cent annual increase in transportation costs that was driven by a 42-per-cent bump at the pumps. Excluding energy, inflation rose 3.3 per cent.
The three "core" measures of inflation favoured by the BOC rose an average of 2.7 per cent in October, unchanged from the previous month. These measures are designed to exclude some of the more volatile parts of the CPI and give the bank a better sense of underlying trends.
The upturn in inflation -- and its root causes -- is perhaps the biggest topic of debate in economics today and the Canadian numbers are part of a widespread boost in prices.
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