Soaring food prices are mostly to blame for sending Canada’s inflation rate to 2.4 per cent in October, the highest it’s been since early 2012.

Statistics Canada said Friday that the prices Canadian consumers paid in October rose, as compared with the year before, in all of the agency’s major categories, including food and shelter.

“The basket of goods that you’re buying every month is getting more expensive, but it’s rising at a little bit of a faster pace than we’ve been used to in the past, at least the recent past,” Robert Kavcic, a senior economist with BMO Capital Markets said.

In particular, the price of shelter-related costs, tobacco and meat had some of the biggest year-over-year consumer goods price increases:

  • Natural gas: 20.1 per cent
  • Cigarettes: 11.5 per cent
  • Meat: 12.4 per cent

“The nasty price jump in food is a major culprit for the soar in headline inflation, but price increases are prevalent elsewhere too,” Arlene Kish, of IHS Economic, said in a research note.

Prices also rose in every province in October, as compared to the previous year:

  • Alberta: 3.0 per cent
  • Ontario: 2.8 per cent
  • British Columbia: 1.1 per cent

In addition, the core inflation index, which measures the longer-term trends in price levels, spiked to 2.3 per cent. That number was higher than the 2.1 per cent fourth-quarter results the Bank of Canada had predicted. The central bank tries to stay as close to the two-per cent mark as possible.

Kavcic said the unexpected numbers show that the Canadian dollar, weakened since late 2013, is starting to have an impact on prices.

But despite a higher inflation rate, Kavcic said he doesn’t expect the Bank of Canada to start changing their policies.

“They just don't think that the recent pickup in inflation is going to stick and, because of that, I think it's going to take a few more strong reports before they start to seriously consider changing their economic policy tone," Kavcic said.

It appears the only place consumers are getting a break is at the pumps.

Gas prices have dropped off by four per cent since September.