Canada's inflation rate held steady last month: StatCan

Canada's annual inflation rate held steady at 6.9 per cent last month. After declining for several months, Statistics Canada said the rate of inflation was unchanged in October from September as gas prices went up.

Canada's annual inflation rate held steady at 6.9 per cent last month.

After declining for several months, Statistics Canada said the rate of inflation was unchanged in October from September as gas prices went up.

In its latest consumer price index report released Wednesday, the federal agency said higher mortgage interest costs also put upward pressure on inflation.

However, offsetting higher gas prices and rising interest rates was a slowdown in price growth for groceries and natural gas.

Grocery prices have been rising at the fastest pace in decades in recent months. In October, grocery prices were 11 per cent higher than they were a year ago. That's down from 11.4 per cent in September.

Despite the slowdown, grocery prices continued to rise at a faster year-over-year pace than overall inflation for an eleventh consecutive month.

On a monthly basis, the consumer price index was up 0.7 per cent.