Inflation 2.4% in October

The country’s annual inflation rate climbed higher than economists’ expectations last month, accelerating to 2.4%, Statistics Canada said Friday.

The October increase follows a 2% rise in September.

The federal agency says the consumer price index climbed as prices rose in all of the categories it tracks in the 12 months leading up to October, with both food and shelter costs adding 2.8% to lead the way.

Looking at specific goods, the report says the climbing year-over-year prices of natural gas at 20.1%, cigarettes at 11.5% and meat at 12.4% were among the biggest contributors to the increase.

Some of the biggest price decreases on goods included video equipment at 8.4%, digital computing equipment and devices at 5.5% and furniture at 2.9%.

Prices rose in every province compared to the previous year–withAlbertaposting the biggest increase at 3%, followed byOntarioat 2.8%.British Columbiasaw the smallest gain in prices among the provinces at 1.1%.

On a seasonally adjusted monthly basis,Canada’s cost of living was up 0.1% in October following an increase of 0.2% the previous month.
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The core measure, a figure that excludes some volatile items from the food and energy categories, rose 2.3% in October compared with a year ago after a 2.1% increase in September.

Economists had anticipated the readings for both total and core inflation for October to rise 2.1%, according to Thomson Reuters.

Core inflation is followed closely by the Bank of Canada, which aims to keep it as close to its optimal 2% target as possible.

In its October monetary policy report, the Bank of Canada indicated core inflation had climbed more quickly than expected since July, though it had remained close to its mandated bulls eye.

At the time, the central bank described the underlying inflationary pressures as “muted” due, in part, to the still-competitive retail sector.

The bank predicted both the core and headline Consumer Price Index to stay near the 2% zone for a sustained period, despite risks including stronger private demand from theU.S., continued disappointment in worldwide growth, beefed-up household spending inCanadaand lower oil prices.