Canadian Consumer Price Index Increases 3.8% Year-Over-Year in September

Posted on October 17, 2023

Statistics Canada (StatCan) reported on Tuesday (10-17-23) that in September, the Consumer Price Index (CPI) increased 3.8% on a year-over-year basis, down from August’s 4.0% gain. The year-over-year deceleration was broad-based, including lower prices for durable goods, groceries, and some travel-related services.

The deceleration in the all-items CPI was offset by a year-over-year increase in gasoline prices, which rose at a faster pace in September, up 7.5%, compared to August’s increase of 0.8% due to a base year effect. Excluding gasoline, the CPI rose 3.7% in September, following a 4.1% increase in August.

On a monthly basis, the CPI fell 0.1% in September, after posting a 0.4% increase in August. The monthly slowdown was mainly driven by lower month-over-month prices for gasoline, which posted a 1.3% decline. On as seasonally adjusted monthly basis, the CPI rose 0.2%, stemming from travel-related services.

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