Canada Inflation October 2017

Canada

Canada: Inflation eases in October

November 17, 2017

Seasonally-adjusted consumer prices rose 0.2% in October, in line with September’s 0.2% print. According to Statistics Canada, October’s rise was primarily due to higher transport prices, which were driven by an increase in gasoline prices—although their rise slowed considerably from a month earlier. Moreover, shelter prices also recorded a sizeable increase, while food prices declined in the month.

Inflation was 1.4% in October, down from 1.6% in September and still within the Bank of Canada’s target range of 2.0% plus/minus 1.0 percentage point. Meanwhile, annual average inflation was stable at 1.5% for a ninth consecutive month in October. Core inflation, which excludes volatile items including gasoline and fresh food, ticked up from 0.8% to 0.9%.

The Bank of Canada expects inflation to average 1.7% in 2018 and 2.1% in 2019. FocusEconomics Consensus Forecast panelists foresee inflation averaging 1.9% in 2018, which is unchanged from last month’s forecast. For 2019, our panelists expect inflation to average 2.0%.


Author:, Economist

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Canada Inflation October 2017

Note: Year-on-year and month-on-month variation of seasonally-adjusted consumer price index in %.
Source: Statistics Canada (SC).


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