Canada's inflation rates hold steady in October as economists expect another rate hike

Some better than expected news today about the cost of living in Canada — despite the high price of gasoline, inflation is holding steady in October and some grocery prices began to level out.

Economists were expecting worse, but inflation still remains hot at 6.9 per cent for the second month in a row.

Some items are seeing price increases due to exacerbating factors. Lettuce rose over 30 per cent during the month of October, partially due to a key California region being hit with diseased crops in a growing season already impacted by drought and extreme heat.

With inflation still elevated, money markets expect yet another rate hike from the Bank of Canada in December.