canada cpi
Canada CPI falls to 3.1% year on year
  • Prior month 3.8%
  • CPI MoM 0.1% versus 0.1% expected
  • Prior MoM -0.1%
  • CPI YoY 3.1% versus 3.2% expected

Core measures:

  • BOC Core YoY 2.7% versus 2.8% last month
  • BOC core MoM 0.3% versus -0.1% last month
  • CPI median 3.6% versus 3.8% last month revised to 3.9%
  • CPI trim 3.5% versus 3.7% last month
  • CPI common 4.2% versus 4.4% last month

Data is softer than expected but the USDCAD remains lower on the day and trades just above 1.3700.

  • The year over year deceleration was largely a result of a lower price for gasoline (-7.8%). Excluding gasoline the CPI rose 3.6% in October (versus 3.7% in September)
  • The largest contributors to the year-over-year CPI increase continue to be mortgage interest costs, food purchased from stores and rent
  • Month-to-month was driven by travel tours and property taxes and other special charges which are priced annually in October
  • grocery prices remain elevated levels but decelerated year on year to 5.4% from 5.8% last month.
  • Service prices rise by 4.6% year-over-year which was higher than 3.9% in September. Rents rose 8.2% year on year versus 7.3% in September
  • 6 of 8 major components decelerated from the previous month
Canada
Candace CPI had 6 of 8 components a lower in October