Canada Taux d'inflation

The annual inflation rate in Canada rose to 2% in October of 2024 from an over-three-year low of 1.6% in the previous month, overshooting market expectations of 1.9%. Despite the sharper-than-expected increase, the headline inflation rate remained within the Bank of Canada’s target for the third consecutive month. The increase was largely driven by waning base effects for gasoline prices. Gasoline prices fell by 4% annually from the 10.7% drop in September, driving transportation costs to swing to inflation (0.2% vs -1.5% in September). In turn, inflation slowed for shelter (4.8% vs 5%) and food (3% vs 2.8%).