October inflation rate hits 18-year high
Gasoline prices fuel increase
It’s a pain in your wallet.
Statistics Canada says the annual pace of inflation in October rose to 4.7 per cent, a new 18-year high.
The agency says this is the largest year-over-year gain in the consumer price index since February 2003.
There are several reasons for the spike including higher prices at the pump and a backlog in the supply chain.
Statistics Canada says gasoline prices are up 41.7 per cent compared to a year ago, the fastest increase since this past May.
