Canada’s annual inflation rises to 2.4% in September
Canada’s annual inflation rate increased to 2.4% in September, driven by a smaller decline in gasoline prices and higher food costs, according to data released on Tuesday.
The Consumer Price Index (CPI) rose 0.1% month-on-month, reversing a 0.1% drop in August. Excluding gasoline, inflation climbed 2.6%, up from 2.4% the previous month, News.Az reports, citing Reuters.
Economists had expected inflation to hit 2.3%. The report comes ahead of the Bank of Canada’s October 29 policy meeting, where markets see an 86% chance of a 25-basis-point rate cut to 2.25%.
Food prices rose 3.8% annually, marking the biggest year-over-year grocery price jump since April 2024, while rents increased 4.8%. The Bank of Canada’s preferred core inflation measures — CPI-median and CPI-trim — remained largely stable at 3.2% and 3.1%, respectively.
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