Canada's Annual Inflation Rate Matches 18-Year High, Set to Keep Rising

• Canada's annual inflation rate accelerated again in October, matching a February 2003 high, led by sharp rises in gasoline and housing prices, data showed on Wednesday. Analysts expect more heat ahead.  
• Inflation rose to 4.7%, in line with expectations, up from 4.4% in September, Statistics Canada data showed. It was the seventh consecutive month in which headline inflation topped the Bank of Canada's 1-3% control range. 
• Prices rose in all eight major component groups for the second month in a row and analysts said that trend was likely to continue. 
• "There is more heat ahead, particularly with the Vancouver port disruptions. And I think we are going to get inflation crossing well above 5% by the end of the year," said Derek Holt, vice president of capital market economics at Scotiabank.

(Source: Reuters)