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Canada’s annual inflation rate hits 4.7% in Oct, highest since Feb 2003 -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Individuals stroll within the Eaton Centre shopping center, because the provincial part 2 of reopening from the coronavirus illness (COVID-19) restrictions begins in Toronto, Ontario, Canada June 24, 2020. REUTERS/Carlos Osorio/File Photograph

OTTAWA (Reuters) -Canada’s annual inflation charge accelerated to 4.7% in October, the best since February 2003, and up from a year-over-year tempo of 4.4% in September, Statistics Canada stated on Wednesday.

Analysts polled by Reuters had anticipated the annual charge to rise to 4.7%. October marked the seventh consecutive month during which headline inflation topped the Financial institution of Canada’s 1-3% focused vary.

CPI frequent, which the central financial institution calls the very best gauge of the economic system’s underperformance, was unchanged at 1.8%.

The Financial institution of Canada signaled final month that it may hike its in a single day rate of interest as early as April 2022, whereas warning inflation was more likely to rise additional this 12 months and keep above goal by means of most of subsequent 12 months.

The Canadian greenback was buying and selling 0.1% decrease at C$1.2575 to the dollar, or 79.52 U.S. cents, after the info.

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