It appears inflation is on the rise in Canada.
Figures released Friday by Statistics Canada says this country's annual inflation rate in October rose to 2.4% from 2.2% in September as the air transportation, passenger vehicle and travel tour indexes gathered steam.
The nation's number crunchers also say prices rose in all major components in the 12 months to October, with the transportation (+4.3%) and shelter (+2.5%) indexes contributing most to the increase. Gasoline prices rose 12.0% year over year in October, matching September's increase.
Prices for durable goods increased 0.9% in the 12 months to October. With lower rebates and more new model-year vehicles available, the purchase of passenger vehicles index rose 1.7% on a year-over-year basis, after increasing 0.6% in September.
The price of services rose 2.7% on a year-over-year basis in October. Prices for travel tours were up 3.0% on a year-over-year basis, after decreasing 4.4% in September. On a month-over-month basis, air transportation prices rose 4.6%. Mortgage interest costs increased 7.0% in the 12 months to October, reflecting interest rate increases in the past year.
