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:

Published By: Statistics Canada

Publication Date: November, 2021

Click here to access Consumer Price Index, October 2021

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