What was the inflation rate in Canada in October 2022?

Anne Gaviola reports – Nov 16, 2022 The annual rate of inflation in Canada held steady at 6.9 per cent in October amid dropping pressure on grocery prices, according to Statistics Canada. October’s Consumer Price Index (CPI) reading matches that of September.

What changed in Canada in 2022?

Canadians experienced these effects almost immediately with higher gas prices at the pump and big price increases for many basic food items at the grocery store. But the other thing that changed in 2022 was inflation in the prices of services.

What is the BOC inflation target for 2022?

The BoC sets an inflation target at 2% inside the control range of between 1% and 3%. In October 2022, the BoC announced three measures of core inflation which the bank said will better reflect the underlying trend of inflation. The three measures are: What is your sentiment on USD/CAD? Vote to see Traders sentiment!

What's happening with Canada's inflation rate in 2021?

The countrywide inflation rate in September hit 4.4 per cent, the highest since 2003 (in P.E.I., it reached a blistering 6.3 per cent). And the turbulent climb seems nowhere near done. The Bank of Canada forecasted inflation worsening in late 2021 to around 4.8 per cent—a three-decade high—and continuing above target levels well into the new year.