Canadian Consumer Price Index Rises 2.2% Year-Over-Year in October

On Monday, Statistics Canada (StatCan) reported that the Canadian Consumer Price Index (CPI) increased 2.2% year-over-year in October, compared with a 2.4% increase in September.

On a month-over-month basis, the CPI rose 0.2%. On a seasonally adjusted monthly basis, the index was up 0.1%.

According to StatCan, gasoline prices declined 9.4% year-over-year in October and 4.1% month-over-month, contributing significantly to the deceleration in the all-items index. Excluding gasoline, the CPI rose 2.6% in October, matching the increase in September.

Slower growth in grocery prices also moderated the increase, partly offset by higher prices for cell phone plans.