Canada's annual inflation rate rose to 4.7% last month, marking largest jump since 2003

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Statistics Canada says the annual pace of inflation in October rose to 4.7 per cent.

The agency says it was the largest year-over-year gain in the consumer price index since February 2003.

The increase compared with a year-over-year increase in the consumer price index of 4.4 per cent in September.

Factors for rising inflation include snarls in supply chains, bumps in prices at the pump and comparisons to lows seen one year earlier.

Statistics Canada says gasoline prices rose 41.7 per cent compared with October 2020 for the fastest increase since this past May.

Excluding energy prices, Statistics Canada says the consumer price index would have been up 3.3 per cent last month compared with October 2020.