In contrast to estimates of a 6.7% increase, the Canadian Statistics Authority revealed on Wednesday that the consumer price index climbed by 6.9% on an annual basis in September.
In contrast to predictions, which called for a 0. 1 percent decline, the monthly inflation rate jumped by 0. 1 percent in September.
Following the release of these figures, there is currently market consensus of 6% for Canada Bank to increase interest rates by 75 basis points.
The main lending rate will increase by 4% as a result, which is the highest level since early 2008.
Inflation in Canada may have peaked, but Tif McLim, the governor of the Central Bank of Canada, predicted that it would continue to be high for a while.
Canada’s inflation increased more than anticipated in September.
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