Food prices post first annual drop since 2000, as inflation creeps up in October
OTTAWA — Food prices in October posted their first year-over-year decline in nearly 17 years as the annual pace of inflation crept higher.
Bank of Montreal chief economist Doug Porter said the story on food prices is a reversal from the start of the year.
“That’s the main reason why inflation is still quite restrained at this point,” Porter said.
Statistics Canada said Friday the consumer price index in October was up 1.5 per cent compared with a year ago, in line with the expectations of economists.