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Canada Inflation September 2019

Canada: Inflation holds steady in October

Consumer prices increased 0.3% on a seasonally-adjusted basis from a month earlier in October, contrasting the 0.1% fall in September. According to Statistics Canada, higher prices for recreation and culture, shelter and transportation drove the uptick in October.

Inflation was stable at 1.9% in October, where it was been for three straight months. The reading met analysts’ expectations and remained just shy of the midpoint of the Central Bank’s target range of 1.0% to 3.0%. Meanwhile, annual average inflation was also steady at 1.9% in October.

Going forward, inflation should remain broadly stable, supported by robust wage growth and the recently introduced carbon tax. That being said, developments in commodity prices remain a key risk to the inflation outlook.

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