October inflation has economists expecting an interest rate hold

The head office of the Bank of Canada in Ottawa. Photo by Adam Huras/Brunswick News Canada’s inflation rate of 2.2 per cent in October is approaching the Bank of Canada’s target of two per cent, but some underlying inflation numbers have economists expecting policymakers to hold rates at their next meeting. Here’s what they had to say about the latest consumer price index (CPI) numbers:

‘Tad disappointing’: BMO Bank of Montreal chief economist Douglas Porter called Monday’s inflation data “a tad on the disappointing side,” mainly because the dip in inflation was largely from a drop in gasoline and food prices, while other measures rose. Rent, which Porter called the single biggest driver of inflation, was back up to 5.2 per cent year over year, while telephone services had th