Statistics Canada released consumer price inflation data today. Canadian consumer price inflation increased 0.1% in October, beating expectations for a 0.3% decline, after a 0.1% gain in September.

On a yearly basis, the consumer price index rose to 2.4% October from 2.0% in September. Analysts had expected the index to remain unchanged at 2.0%.

The consumer price index was driven by higher prices in all categories. Shelter and food costs rose 2.8% in October.

Canadian core consumer price index, which excludes some volatile goods, climbed 0.3% in October, exceeding expectations for a 0.2% rise, after a 0.2% increase in September.

On a yearly basis, core consumer price index in Canada climbed to 2.3% in October from 2.1% in September, beating forecasts of a rise to 2.2%.

The Bank of Canada's inflation target is 2.0%.

These figures are adding to speculation that the Bank of Canada won't cut its interest rates.