Canada’s inflation rate declined to an annualized 2.2% in October, down from 2.4% in September.
The Consumer Price Index (CPI) registered 2.2% year-over-year growth in October, driven largely by gasoline prices.
Gas prices declined 9.4% year-over-year in October, exerting downward pressure on the overall inflation rate across Canada.
Excluding gasoline prices, which tend to be volatile from month-to-month, the Consumer Price Index rose 2.6% in October, matching the increase seen in September.
Slower price increases for groceries also contributed to the October deceleration in inflation, said Statistics Canada.
Prices for food purchased from stores rose 3.4% in October, down from a 4% increase in September.
Offsetting the declines were higher prices for cellular service, which rose 7.7% from a year ago, and higher prices for home and auto insurance, which rose a combined 7%.
On a seasonally adjusted monthly basis, Canada’s Consumer Price Index was up 0.1% in October.
Related Stories
