Statistics Canada reports that the Consumer Price Index (CPI) for October rose 4.7% on a year-over-year basis, up from a 4.4% increase in September, representing the largest gain since February 2003. Excluding energy, the CPI rose 3.3% year over year, matching the increase in September.
This CPI update report states, “Inflation is often driven by higher prices for day-to-day basics, such as putting a roof over our heads, buying food and getting around. These three elements alone nationally account for 62.5% of our monthly ‘basket’ of spending. Prices are currently rising for all three and, therefore, are affecting us all to a greater or lesser degree, depending on where we live, our lifestyle choices and personal circumstances.”
CPI resources are available to help Canadians make informed financial decisions:
- The Consumer Price Index portal provides all Consumer Price Index (CPI) data, publications, interactive tools, and announcements highlighting new products and upcoming changes to the CPI in one convenient location.
- The Consumer Price Index Data Visualization Tool provides current and historical CPI data in a customizable visual format.
Published By: Statistics Canada
Publication Date: November, 2021
Click here to access Consumer Price Index, October 2021