The CPI in Canada, which measures inflation, rose to 4.7% on an annual basis in October, recording the fastest pace of growth since February 2003, compared to 4.4% in the September reading. The index, excluding gasoline, rose to 3.3%, the monthly index rose by 0.7% in Amauber compared to 0.2% in September’s reading, in line with expectations, in the largest monthly increase since June 2020.

In details, the automotive sector contributed 6.1% in October on an annual basis, amid a global shortage of semiconductor chips and an increase in spare parts prices. The prices of meat products rose by 9.9% in October.

Energy prices rose 25.5% on an annual basis in October, mainly driven by higher gasoline prices, as consumers paid 41.7% more for gasoline.

The Canadian dollar is trading down against the US dollar at 1.2587 levels.