[Epoch Times November 18, 2021](Epoch Times reporter Zhou Xing Toronto reported) Statistics Canada released data on Wednesday that the National Consumer Price Index (CPI) rose 4.7% year-on-year in October, higher than September’s 4.4%. This is the largest increase since February 2003.
According to the Bureau of Statistics, it is energy prices that are driving the acceleration of inflation. If energy is not included, the October consumer price index rose by 3.3% year-on-year, which was the same as September’s inflation rate without energy.
On a monthly basis, the consumer price index in October rose by 0.7%, the largest increase since June 2020. The increase in June last year was 0.8%, when energy prices fell sharply in the first few months of the pandemic. Start to pick up.
In October this year, energy prices rose by 25.5% year-on-year, and gasoline prices rose by 41.7%. The Bureau of Statistics said that the shortage of other energy sources such as coal and natural gas has caused major economies to use more gasoline for power generation, causing gasoline prices to rise sharply.
The price of fuel oil and other fuels rose by 48.1% year-on-year; the price of natural gas rose by 18.7% year-on-year.
In the context of a global shortage of semiconductor chips, passenger car prices are still at a high level compared with October 2020, up 6.1% year-on-year; passenger car parts, accessories and supplies prices rose 3.6% year-on-year.
The price of meat products rose by 9.9% year-on-year in October, of which fresh or frozen beef rose by 14.0%; processed meat rose by 8.5%, of which bacon (bacon) rose by 20.2%. According to the Bureau of Statistics, the main reasons for the price increase of meat products include labor shortages that have slowed production, continued supply chain challenges, and continued increases in livestock feed prices.
This is the seventh consecutive month that Canada’s inflation rate has been higher than the Bank of Canada’s target control range of 1% to 3%.
Statistics Canada said that the average increase in the three indicators of core inflation in October was 2.67%, the same as in September. The three indicators are considered to be a better measure of potential price pressure, and are also indicators closely tracked by the Bank of Canada.
Eight provinces across the country had higher inflation rates in October than in September. They are (in parentheses are September inflation rates): Newfoundland and Labrador: 4.5% (4.4%), Prince Edward Island: 6.6% (6.3%), Nova Scotia: 5.4% (5.2%), New Brunswick: 5.5% (5.1%), Quebec: 5.3% (5.1%), Ontario: 4.9% (4.4%) ), Alberta: 4.3% (4.0%), British Columbia: 3.8% (3.5%).
In addition, Manitoba’s October and September inflation rate was 4.7%; Saskatchewan’s October inflation rate was 3.2%, lower than September’s 3.3%.
Editor in charge: Yue Yi
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