Canadian Consumer Price Index Advances 3.1% Year-Over-Year in September

On Monday, Statistics Canada (StatCan) reported that the Canadian Consumer Price Index (CPI) rose 3.1% year-over-year in September, compared with a 3.0% increase in both August and July.

On a month-over-month basis, the CPI rose 0.1%. Seasonally adjusted, the index increased 0.4%.

The acceleration in September was mainly driven by higher gasoline prices, which rose 27.8% year-over-year, compared with a 22.8% increase in August. Excluding gasoline, the CPI rose 2.2%, following a 2.4% increase in August. Smaller year-over-year price increases for travel tours and groceries partially offset the acceleration in the all-items index.

Year-over-year, prices rose at a faster pace in five provinces in September compared with August, mainly due to higher gasoline and fuel oil prices.

Excluding energy, inflation was higher in Nova Scotia (3.3%), Prince Edward Island (2.6%), New Brunswick (2.6%), and Newfoundland and Labrador (2.4%) than the national rate of 2.1%. On a year-over-year basis, rent prices rose at the fastest pace in Atlantic Canada.