OTTAWA –
Statistics Canada is scheduled to release October’s inflation rate later today, in the shadow of economic warnings that price growth is likely to accelerate.
The annual inflation rate in September hit an 18-year high as the consumer price index rose 4.4% year-on-year.
Factors driving inflation up include supply chain difficulties, rising pump prices and comparisons to lows seen a year earlier.
Many of those problems didn’t go away during October and actually worsened in the case of congested trade corridors, meaning companies selling goods were unable to keep up with consumer demand. consumers for their products.
That’s why economists expect today’s inflation report to show continued price gains between September and October.
The BMO’s chief economist, Douglas Porter, said he expected to see the annual inflation rate hit 4.7% in October, which would be the fastest pace since 1991.
This Canadian Press report was first published on November 17, 2021.
