The Consumer Price Index (CPI) in Canada rose by approximately 2.2% year-on-year in October, according to figures released moments ago. This represents a slowdown compared to September’s 2.4% increase. The core CPI, which excludes gasoline prices, rose to 2.6% year-on-year.

On a monthly basis, the index rose by 0.2% in October, following a 0.1% increase in September, matching expectations.

This slowdown in inflation in October is attributed to a faster-than-expected decline in gasoline prices, falling by 9.4% year-on-year from 4.1% in September. Food prices rose by 3.4%, up from 4% in September, while mobile phone service prices increased by 7.7%, marking the first increase since April 2023.