Inflation stayed sticky in October
High inflation continues to point to more interest rate hikes
By Rob Roach, ATB Economics 16 November 2022 less than a minute
The headline inflation rate in Canada in October was 6.9%—the same as it was in September.
While down from the recent peak of 8.1% set in June, inflation remains well above the 2% target.
When food and energy are excluded, “core” inflation was running at 5.3% in October. This was just slightly lower than the month before when it came in at 5.4%.
In Alberta, the inflation rate increased from 6.2% to 6.8%.
A larger increase in gasoline prices in Alberta due in part to the partial reinstatement of the provincial fuel tax helps explain why the inflation rate went up in Alberta but stayed the same nationally.
October’s lack of movement in the national inflation rate will keep the pressure on the Bank of Canada to push interest rates even higher before the end of the year.
Answer to the previous trivia question: The dollar value of Alberta’s international exports of medical equipment and supplies in 2021 was $23.4 million.
Today’s trivia question: How far back can the concept of compound interest be traced?