Canada has not absorbed recession and inflation to the highest level...

Canada has not absorbed recession and inflation to the highest level...
Canada has not absorbed recession and inflation to the highest level...

Inflation in Canada has risen to its highest level in two decades, increasing pressure on the Central Bank of Canada, to raise interest rates.

Statistics Canada said in Ottawa today, Wednesday, that the consumer price index rose by 4.7% in October of this year compared to last year, from 4.4% in the previous September.

This is the highest percentage since 2003, when it reached 4.7% last time.

Inflation has not exceeded this level in the three decades since the Central Bank of Canada first began targeting inflation in 1991.

Economists had expected price growth of 4.7%, according to the median estimate in a Bloomberg News survey.

On a monthly basis, prices rose by an estimated 0.7%.

Wednesday’s inflation report marks the seventh consecutive month in which the inflation rate has exceeded 3%, the upper level of the Bank of Canada’s range of control, and adds to growing concerns that price pressures are more persistent than expected.

Bank of Canada Governor Teff McClem said that inflation is temporary but not short-lived, warning that inflation will continue for longer than previously expected.

The Governor of the Bank of Canada reiterated that inflation will remain under control, especially that we have tools and we have powers according to which we will work to modify these tools to ensure that inflation returns to the targets, and that the interest rate hike will be sometime next year.

But he warned that supply disruptions may last longer than previously thought, and increases in energy prices add to current inflation rates.

He pointed out that we have not yet absorbed the economic stagnation, but we are approaching it.

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