Statistics Canada released the Consumer Price Index (CPI) for October on November 21st. In October, it increased by 3.1% compared to the same month last year and fell further from 3.8% in September. In August it was 4.0%. However, the slowdown in October was largely due to the drop in gasoline prices (down 7.8%), and the index excluding gasoline was 3.6%, not much different from September’s 3.7%.
Other than gasoline prices, food was 5.4% (5.8% in September), housing-related 6.1% (6.0%), health and personal care 4.9% (5.6%), recreation and education-related 2.9% (1.8%), 4.7% related to alcoholic beverages, tobacco, and cannabis (5.3%). Recreation increased compared to the previous month due to an increase in travel.
Furthermore, the growth rate in the housing-related industry remained high, with rental housing in particular increasing by 8.2% (7.3%). By region, Nova Scotia had 14.6%, Alberta 9.9%, and British Columbia and Quebec 9.1%. Food prices have slowed for the fourth straight month but are still up more than 5%. Increases were seen in food oils by 14.0%, processed fruits by 10.4%, sugars by 7.2%, bakery foods by 6.9%, and non-alcoholic beverages by 5.3%.