Ekonomické zprávy
15.10.2024

Canada’s annual inflation eases more than forecast in September

Statistics Canada announced on Tuesday the country’s consumer price index (CPI) fell 0.4 per cent m-o-m in September, following an unrevised 0.2 per cent m-o-m drop in the previous month. This marked the steepest monthly decline in CPI since December 2022 (-0.6 per cent m-o-m). 

On a y-o-y basis, Canada’s inflation rate jumped by 1.6 per cent last month, decelerating from an unrevised 2.0 per cent in August. This represented the weakest annual inflation rate since February 2021 (+1.1 per cent).

Economists had forecast inflation would decrease by 0.2 per cent m-o-m and climb 1.8 per cent y-o-y in September.

According to the report, the September deceleration in the headline annual inflation primarily reflected a deeper y-o-y decline in gasoline prices (-10.7 per cent y-o-y in September compared to -5.1 per cent y-o-y in August).

The monthly drop in inflation was also driven by a fall in gasoline prices (7.1 per cent m-o-m in September), which was led by lower crude oil prices amid growing worries about weaker economic growth, as well as lower costs associated with switching to winter blends.

Meanwhile, the trimmed-mean CPI - the preferred measure of core inflation of the Bank of Canada (BoC) - surged 2.4 per cent y-o-y in September, the same pace as in the previous month. Economists had predicted a soar of 2.5 per cent y-o-y.

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