Canada’s CPI inflation 2.0% up YoY in October

Canada’s consumer price index (CPI) inflation rose 2.0 per cent year-on-year in October 2024, Statistics Canada said on Tuesday.

On a monthly basis, the CPI inched 0.4 per cent higher in October following a 0.4 per cent decline in September. On a seasonally adjusted monthly basis, the CPI rose 0.3 per cent.

Gasoline prices dropped to a lesser extent in October (-4.0 per cent) compared with September (-10.7 per cent). The all-items CPI excluding gasoline increased 2.2 per cent in October, the same growth rate as in August and September.

Prices for goods rose 0.1 per cent on a year-over-year basis in October, following a 1.0 per cent decline in September. In contrast, prices for services decelerated in October, surging 3.6 per cent, the smallest yearly increase since January 2022. Over the past three years, prices for goods increased 10.2 per cent, while prices for services rose 14.2 per cent.

Attribution: Statistics Canada