Canada's annual inflation rate climbed to 2% in October 2024, up from a three-year low of 1.6% the previous month and exceeding market predictions of 1.9%. Despite the sharper-than-expected rise, inflation remained within the Bank of Canada’s target range for the third consecutive month.
This increase was primarily influenced by diminishing base effects in gasoline prices. Gasoline costs fell by 4% year-over-year, a less steep decline compared to September's 10.7% drop, pushing transportation costs back into positive inflation territory (0.2% from -1.5% in September). Meanwhile, inflation eased slightly for shelter (4.8% vs. 5%) and food (3% vs. 2.8%).
At Lendworth, we understand how inflation and economic shifts impact financial decisions. Whether you're looking to secure a mortgage or refinance, our equity-based approach and quick approvals ensure you’re well-positioned to navigate changing economic conditions confidently.
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