Statistics Canada Says Annual Inflation Rate Slowed to 3.1% in October

Published on November 21, 2023

The inflation rate slowed to 3.1 percent on a year-over-year basis, down from 3.8 percent in September, as the price of gasoline fell, Statistics Canada said on Nov. 21. The agency said the price drivers paid for gasoline in October fell 7.8 percent from a year earlier compared with a 7.5 percent increase in September, driven partly by a spike in gasoline prices in October 2022 after OPEC announced production cuts. Excluding gasoline, Statistics Canada says the consumer price index was up 3.6 percent for October, following a 3.7 percent increase for September. Prices for goods were up 1.6 percent, while prices for services were up 4.6 percent, largely driven by higher prices for travel tours, rent, and property taxes, and other special charges....

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