Statistics Canada (StatCan) reported on Tuesday (11-21-23) that in October, the Consumer Price Index (CPI) increased 3.1% year-over-year but was down from September’s 3.8% gain.
StatCan notes that the year-over-year deceleration was largely the result of lower prices for gasoline, which were down 7.8%. Excluding gasoline, the CPI rose 3.6% in October, following a 3.7% increase in September. The largest contributors to the year-over-year CPI increase continue to be mortgage interest costs, food purchased from stores, and rent.
On a monthly basis, the CPI in October increased 0.1%, following a 0.1% decline in September. The monthly increase was mainly driven by travel tours and property taxes and other special charges, which are priced annually in October. On a seasonally adjusted monthly basis, the CPI declined 0.1%.
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