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Consumer prices in Canada rose in October

Consumer prices in Canada rose 0.7% in October from the same month last year, according to official data. Their growth accelerated compared to the 0.5% rise a month earlier.

The maximum contribution to the growth of this indicator was made by the increased food prices. Prices, which do not include the cost of gasoline, increased by 1% over the month, the same as in September. Their decline for the year was 12.4% after the September decline of 10.7%. The index of prices, reflecting seasonal fluctuations, increased by 0.3% over the month.

Growth compared to October 2019 last month showed 5 out of 8 main components, while their growth rate accelerated. Fresh vegetables rose 9.5% year-over-year after a 3.6% increase a month earlier. The price of meat rose 1.7%, accelerating growth against a 0.4% rise in September.

Mortgage spending declined in October. The corresponding index decreased by 0.7% versus September when it was marked down by 0.5%. The demand for single-family homes has grown. Prices for new buildings showed the maximum increase in 14 years.

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