Canada's October inflation rate rises

 

 

Inflation in Canada has risen to 2 percent, according to a report. Inflation in October rose to 2 percent. Statistics Canada released the data. Inflation had fallen to 1.6 percent in September due to a drop in gas prices. This is the first increase in inflation since May.

High property taxes and gas prices are considered to be the main reasons for the rise in inflation. Property taxes increased by 6 percent. Last year, it was only 4.3 percent. Increases in vegetable and grocery prices also led to the rise in inflation last month. Following the decline in inflation in September, the Bank of Canada cut interest rates by 50 basis points. Bank Governor Tiff McCallum had also stated that the bank is considering cutting interest rates again if favorable conditions continue. With inflation rising in October, everyone is eagerly awaiting the bank's next decision regarding interest rates.