After reaching 1.6% in September, inflation bounced back up to 2% in October. If we exclude gasoline, inflation was at 2.2%, which is the same rate than in August and September, suggesting that despite the increase, inflation levels seem to hold within the Bank of Canada’s expectations.
This little increase was surprising although not alarming, in the latest Bank of Canada report that saw a jumbo interest rate cut of 0.5%, there was a note that there may be ups and downs moving forward, although the general trend will be towards the further normalization of prices.
In essence, we are on track for further cuts in the coming months, and a return to growth in the back half of the first semester of 2025…
Here is a quick overview of the main points from the release:
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