11/21/2014 08:54 EST | Updated 01/21/2015 05:59 EST

Canada's inflation rate heats up to 2.4% in October

Higher prices for food and shelter drove Canada's inflation rate up to 2.4 per cent last month, Statistics Canada data showed Friday.

The agency reported that food and shelter costs led the rise in the consumer price index during the month. Shelter costs includes everything from gas and electricity bills, to property taxes, rent and mortgage payments. 

All those things were a lot more expensive in October of 2014 than they were in the same month a year ago.

The 2.4 per cent figure is an increase of four percentage points from September's rate. It also ties the highest inflation rate we've seen since early 2012 — more than two and a half years ago.

More to come