Consumer Price Index (CPI) rose 3.1%
Nov. 24, 2023
Global Korean Post
According to the Statistics of Canada, October’s Consumer Price Index (CPI) rose 3.1% on a year-over-year basis, down from a 3.8% gain in September.
The year-over-year deceleration was largely a result of lower prices for gasoline (-7.8%) in October. Excluding gasoline, the CPI rose 3.6% in October, following a 3.7% increase in September.
While prices for goods (+1.6%) decelerated, led by lower prices at the pump, prices for services (+4.6%) rose at a faster pace in October, largely driven by higher prices for travel tours, rent and property taxes and other special charges.
The largest contributors to the year-over-year CPI increase continued to be mortgage interest cost, food purchased from stores and rent.
On a monthly basis, the CPI rose 0.1% in October, following a 0.1% decline in September.
The monthly increase was largely driven by travel tours and property taxes and other special charges, which are priced annually in October. On a seasonally adjusted monthly basis, the CPI fell 0.1%.
