In September, Canada's annual inflation rate fell to 1.6% due to a 10.7% decline in gasoline prices.

Canada's annual inflation rate dropped to 1.6% in September, the lowest since February 2021, primarily due to a 10.7% decline in gasoline prices. Excluding gasoline, inflation was at 2.2%. Rent rose 8.2%, while food prices in stores increased by 2.4%. This data precedes the Bank of Canada's interest rate decision on October 23, following three cuts this year, lowering the rate to 4.25%. Further cuts may follow, depending on economic assessments.

October 15, 2024
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