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- Canada's inflation rate holds steady at 1.9 percent in October
Canada's inflation rate holds steady at 1.9 percent in October
Statistics
Canada reported on Wednesday the country’s consumer price index (CPI) rose 0.3
percent m-o-m in October, following a 0.4 percent m-o-m decline in the previous
month.
On the y-o-y
basis, Canada’s inflation rate increased 1.9 percent last month, matching the
gains in September and August.
Economists had
predicted inflation would increase 0.3 percent m-o-m and 1.9 percent y-o-y in October.
According to
the report, prices for both goods (+1.3 percent y-o-y) and services (+2.2
percent y-o-y) rose in October at the same rates that were recorded in the
previous month. The cost of gasoline declined 6.7 percent y-o-y in October,
following a 10.0 percent y-o-y tumble in September. Excluding gasoline, the CPI
rose 2.3 percent y-o-y following three consecutive monthly gains of 2.4 percent
y-o-y.
Meanwhile, the
closely watched the Bank of Canada's core index rose 1.9 percent y-o-y in October,
the same pace as in the previous month. Economists had forecast an advance of
1.9 percent y-o-y.
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