Canada’s inflation rate drops to 3.1% — Statistics Canada

Canada’s consumer price index (CPI) rose by 3.1% in October, a slight decrease from the previous month’s 3.8%, aligning with economists’ expectations. 

The main contributor to the slower increase in the cost of living was a 6.4% drop in gasoline prices during October, down 7.8% compared to a year ago. 

Excluding gasoline, the inflation rate for October would have been 3.6%, slightly lower than the 3.7% non-gasoline inflation rate in the previous month. 

Food prices increased by 5.4% over the past year, a slight decline from September’s 5.8%. However, rent costs continued to surge, rising by 8.4% in the past year, marking the fastest pace in years and up from 7.3% in September.

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