Canadian Consumer Price Index Increases 2.0% Year-Over-Year in October
Consumer Price Index, October 2024
On Tuesday, Statistics Canada (StatCan) reported that the Consumer Price Index (CPI) rose 2.0% year-over-year in October, up from a 1.6% increase in September.
Gasoline prices fell to a lesser extent in October, down 4.0%, when compared with September’s decline of 10.7%. The all-items CPI excluding gasoline rose 2.2%, the same growth rate as in August and September.
Prices for goods rose 0.1% year-over-year in October, following a 1.0% decline in September. In contrast, prices for services decelerated, rising 3.6%, the smallest yearly increase since January 2022. Over the past three years, prices for goods rose 10.2%, while prices for services increased 14.2%.
On a monthly basis, the CPI rose 0.4% following a 0.4% decline in September. Seasonally adjusted, the CPI increased 0.3%.
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