Canadian Consumer Price Index Increases 6.9% Year-Over-Year in October
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Consumer Price Index, October 2022
Consumer Price Index, October 2022
Statistics Canada (StatCan) reported on Wednesday (11-16-22) that the Canadian Consumer Price Index (CPI) rose 6.9% year-over-year in October. The October increase matched the 6.9% increase recorded in September. The October increase was led by faster price growth for gasoline and mortgage interest costs, which were moderately offset by slowing price growth for food.
Excluding food and energy, prices rose 5.3% year-over-year in October, following a gain of 5.4% in September.
On a monthly basis, the CPI rose 0.7% in October following a 0.1% gain in September, largely drive by increased prices for gasoline. This was the largest monthly increase since June 2022. On a seasonally adjusted monthly basis, the CPI was up 0.6%.
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