Statistics Canada (StatsCan) reported on Wednesday (11-17-21) that the Consumer Price Index (CPI) rose 4.7% on a year-over-year basis in October, up from a 4.4% increase in September. October’s increase was the largest increase since February 2003. Excluding energy, the CPI rose 3.3% year-over-year, matching September’s increase.
On a monthly basis, the CPI rose 0.7% in October, the largest gain since June 2020 (+0.8%), when energy prices began to recover following steep declines during the early months of the pandemic. On a seasonally adjusted monthly basis, the CPI rose 0.5%.
Prices rose in all eight major components on a year-over-year basis in October, with transportation prices (+10.1%) contributing the most to the growth in the all-items index. This was the highest increase for this component since March 2003. The increase in consumer prices for transportation was primarily driven by a rise in energy prices (+25.5%).
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Consumer Price Index, October 2021