Canada's annual consumer inflation rises 6.9% in October

By Ovunc Kutlu

ANKARA (AA) - Canada's annual consumer inflation rose 6.9% in October, according to data released by the country’s statistical authority on Wednesday.

While the figure came in line with market expectation, it matched the annual increase in September. However, it is a slowdown from the 7% year-on-year gain in August and the 39-year high of 8.1% in June.

"Faster price growth for gas and mortgage interest costs were moderated by slowing price growth for food," Statistics Canada said in a statement.

The consumer price index (CPI), on a monthly basis, rose 0.7% in October, largely driven by increased prices for gasoline. This marked the biggest monthly increase since June.

The CPI, on a monthly basis, also came in line with the market expectation, while it showed a gain of 0.1% in September.