Canada's inflation rate jumped to a new 18-year high of 4.7 per cent last month, led by sharply higher prices for energy.

Statistics Canada says the 4.7 per cent rate is the highest since February 2003.

The showing was in line with what economists were expecting but as Doug Porter with Bank of Montreal noted, "it's almost a relief in 2021 when hot inflation readings aren't even hotter than expectations."

"While perhaps not quite as eye-popping as the latest 6.2 per cent U.S. headline inflation print, this still marks a massive upswing from inflation of just 0.7 per cent a year ago," Porter said.

All eight components that the data agency tracks were higher, but the increase was led by higher transportation costs, which went up by more than 10 per cent in the past year.

https://www.cbc.ca/news/business/inflation-october-1.6251921