Canada’s CPI records annual decline in Sept ’24

Canada’s Consumer Price Index (CPI) rose by 1.6 per cent year on year (YoY) in September 2024, down from a 2.0 per cent increase in August, marking the smallest annual rise since February 2021.

The deceleration was primarily attributed to a significant drop in gasoline prices, which fell 10.7 per cent compared to a 5.1 per cent decline in the previous month. Excluding gasoline, the CPI rose 2.2 per cent, matching August’s figures.

Despite this slowdown, Canadians continue to face elevated costs for essential items, with rent and food prices increasing by 21.0 per cent and 20.7 per cent, respectively, over the past three years.

On a monthly basis, the CPI decreased by 0.4 per cent in September, following a 0.2 per cent decline in August, primarily due to lower gasoline prices. Seasonally adjusted, the CPI remained flat for September.

Attribution: Consumer Price Index, September 2024

Subediting: M. S. Salama