Canada Inflation October 2022


Canada: Inflation holds steady in October

November 16, 2022

Inflation came in at 6.9% in October, matching September’s figure. Rising price pressure for housing and transport were offset by lower price pressures for food and recreation and education.

The trend pointed up slightly, with annual average inflation coming in at 6.5% in October (September: 6.3%). Meanwhile, core inflation fell to 5.8% in October, from September’s 6.0%.

Finally, consumer prices increased 0.72% from the previous month in October, accelerating from the 0.07% increase recorded in September. October's uptick marked the highest reading since May.

FocusEconomics analysts project inflation to average 3.5% in 2023, which is up 0.1 percentage points from last month’s forecast. In 2024, our panel sees inflation averaging 2.2%.


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Canada Inflation Chart

Canada Inflation October 2022

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

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