The Consumer Price Index (CPI) increased by 2.0% YoY in October, up from 1.6% in September. Excluding gasoline, the CPI rose 2.2%, maintaining the same growth rate as in August and September.
Goods vs. Services
Goods prices edged up 0.1% YoY, reversing a 1.0% decline in September.
Services prices rose 3.6%, the slowest annual increase since January 2022.
Gasoline Prices
Gasoline prices fell 4.0% YoY, compared to a 10.7% decline in September
Monthly gasoline prices increased 0.7%, following a 7.1% drop in September.
Shelter Costs
Shelter inflation slowed to 4.8% YoY, with mortgage interest costs easing to +14.7% (down from +16.7% in September).
Rent growth also decelerated to 7.3% YoY, though prices remain elevated, rising 21.6% since October 2021.
Food Prices
Grocery prices rose 2.7% YoY, outpacing overall inflation. Fresh vegetables (+7.3%) and preserved fruits (+7.6%) were key contributors.
Property Taxes
Property taxes surged 6.0% YoY, the highest yearly increase since 1992. Newfoundland and Labrador (+9.7%) and British Columbia (+8.0%) saw the steepest hikes.
What stands out to you the most? Let’s discuss!
Alexander Gasenko - your trusted Toronto & GTA mortgage broker. Dominion Lending Centres Maple Mortgage Group Independently Owned & Operated — FSRA# 13415
