Canada’s Consumer Price Index (CPI) grew by approximately 3.1% year-on-year in September, according to figures released moments ago, compared to 3% in August. The core CPI, which excludes gasoline prices, rose to 2.2% year-on-year, compared to 2.4% in August, after four consecutive months of increases.

On a monthly basis, the index rose by 0.1% in September, following a decline of approximately 0.1% in August, falling short of market expectations.

The biggest contributor to the stable inflation in August came from the energy sector, where gasoline prices rose at a faster pace than in August, reaching 27.8% year-on-year after a 22.8% increase in August. Prices of food purchased from stores rose by 1.7%, and housing prices increased by 1.8%.