Odds of a 75-bps hike from the Bank of Canada just went up, economists say...
20 Oct 2022
September’s inflation numbers will give the Bank of Canada no reason to change its hawkish stance on interest rates, economists said, following the release of the data Wednesday morning by Statistics Canada.
The headline consumer price index reading decelerated to 6.9 per cent from seven per cent in August on a year-over-year basis. Analysts had expected 6.7 per cent.
However, the core CPI reading rose 5.4 per cent from a year ago after cooling slightly in August to 5.3 per cent.
Prices for food continued their trajectory upward with grocery costs swelling 11.4 per cent from the same time last year, the fastest pace in 41 years, says Statistics Canada.
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