Inflation for consumer goods and services increased last month, with prices rising by 2.4 per cent compared to a year ago, according to Statistics Canada.

The Consumer Price Index (CPI) increase for September was higher than the increase from August’s reading of 1.9 per cent .

The Bank of Canada uses this economic gauge on inflation, as well as those for wholesale prices, Gross Domestic Product, and data on Canada’s job market to determine whether or not to make changes to borrowing costs through monetary policy updates .

The central bank will make its next interest rate announcement on Oct. 29.

– More to come

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