Canada’s annual inflation rate hits 4.4 per cent in September, highest since 2003

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Canadian inflation surged in September at the fastest pace since 2003 due to higher gas and housing costs, adding fuel to a boisterous debate over how long prices will rise rapidly.

The consumer price index (CPI) rose 4.4 per cent in September from a year earlier, Statistics Canada said on Wednesday, up from 4.1 per cent in August. It was the sixth consecutive month that inflation has exceeded the Bank of Canada’s target range of 1 per cent to 3 per cent.

The acceleration was heavily influenced by gasoline prices, which jumped 33 per cent from a year ago. Excluding gas, the CPI rose 3.5 per cent. Prices were higher in all eight major components, including hefty gains in shelter (4.8 per cent) and food (3.9 per cent).

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