Inflation in Canada cools slightly to 2.2% in October, StatCan says

Inflation in Canada increased to 2.2 per cent on average last month compared with a year prior, cooling slightly from the 2.4 per cent growth seen in September, according to the Consumer Price Index reported by Statistics Canada on Monday.

This comes after the Bank of Canada lowered its overnight benchmark interest rate for the second straight meeting, and as Prime Minister Mark Carney is set to have his cabinet’s budget face a final confidence vote Monday.

After the central bank cut rates last month, Bank of Canada governor Tiff Macklem said the government’s fiscal policy may be more effective at keeping the economy stable rather than making any more changes to borrowing rates.

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