Statistics Canada said Wednesday the annual pace of inflation in October rose to 4.7 per cent, the fastest pace since February 2003. Driving much of the gain was gasoline prices, which rose 41.7 per cent compared with a year ago. Excluding energy prices, Statistics Canada said the consumer price index would have been up 3.3 per cent last month compared with October 2020. Meat prices rose nearly 10 per cent year-over-year — bringing home bacon cost 20.2 per cent more last month than in October 2020 — driven by labour shortages and supply chain issues. Homeowner replacement costs, a marker for new home prices, rose year-over-year by 13.5 per cent, marking six straight months of double-digit readings.

Source: CBC News November 17, 2021 23:44 UTC