Nov 21, 2023
By Jeremy Logan
According to Statistics Canada, the inflation rate slowed to 3.1% on a year-over-year basis, down from 3.8% in September.
The drop, announced Tuesday, came as the price drivers paid for gas in October fell 7.8% from a year earlier, compared with a 7.5% increase in September.
Excluding gasoline, Stats Canada says the consumer price index was up 3.6% for October, following a 3.7% rise for September.
The agency says the major contributors to inflation for the month continued to be rent, mortgage interest costs and food purchased from stores.
Statistics Canada says while grocery prices continued to rise faster than overall inflation, their pace of increases continued to slow.
Grocery prices were up 5.4% in October compared with a 5.8% increase in September.
The inflation report comes ahead of the federal government’s fall economic update expected Tuesday afternoon.