Canada’s Annual Inflation Rate Drops to 3.8% in September

Introduction

Canada’s annual inflation rate declined to 3.8% in September, according to Statistics Canada. This decrease was primarily driven by price reductions in travel-related services, durable goods, and groceries. The figure surpassed analysts’ expectations of inflation remaining at 4.0%.

Inflation Statistics

September saw a month-on-month decrease of 0.1% and a year-on-year increase of 3.8%. In comparison, August recorded a month-on-month increase of 0.4% and a year-on-year inflation rate of 4.0%. Let’s take a closer look at specific categories:

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• CPI – All Items: Month-on-month decrease of 0.1% and year-on-year increase of 3.8%.
• CPI – Common: Year-on-year increase of 4.4% and month-on-month data is not available.
• CPI – Median: Year-on-year increase of 3.8% and month-on-month data is not available.
• CPI – Trim: Year-on-year increase of 3.7% and month-on-month data is not available.
• Bank of Canada Core: Month-on-month decrease of 0.1% and year-on-year increase of 2.8%.
• All Items Ex Food/Energy: Month-on-month decrease of 0.1% and year-on-year increase of 3.2%.
• Goods: Month-on-month decrease of 0.3% and year-on-year increase of 3.6%.
• Services: Month-on-month increase of 0.0% and year-on-year increase of 3.9%.
• Energy: Month-on-month decrease of 1.0% and year-on-year increase of 5.4%.
• Seasonally Adjusted: Month-on-month increase of 0.2% and year-on-year data is not available.
• Core CPI, SA: Month-on-month decrease of 0.1% and year-on-year data is not available.

Analyst Expectations

A Reuters survey had predicted September’s CPI to be 4.0% on an annualized basis, with a 0.1% increase on a monthly basis. However, the actual figures were 3.8% and a decrease of 0.1%, respectively.

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