Statistics Canada said the annual inflation rate edged up to 2.4% from 2.2% in September.

The central bank, which has consistently said inflation will move back down toward its 2% target by early 2019, is due to announce its next interest rate decision on Decemeber 5.

Market expectations of an interest rate hike on December 5, as reflected in the overnight index swaps market, dipped to 23.20% from 23.40%. Earlier this month, that figure was above 30%.

Two of the three central bank's three core inflation measures posted gains while CPI common, which the bank says is the best gauge of the economy's underperformance, was unchanged at 1.9%.

The Bank of Canada has hiked rates five times since July 2017, and says more increases will be needed. Rates are rising at "exactly" the right pace, Governor Stephen Poloz said on November 5.

Separately, Statscan said the value of retail trade rose by 0.2% in September from August, in part due to higher sales at food stores. Stripping out the effect of price changes, volumes increased by 0.5%.

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