Canada’s inflation moderated in October, with headline CPI slowing to 2.2% yoy from 2.4%, fully in line with expectations. The deceleration was driven largely by gasoline prices, which fell -9.4% yoy compared with -4.1% yoy decline in September. Excluding gasoline, CPI was unchanged at 2.6% yoy.
Core metrics showed a mixed but generally softer profile. CPI median eased from 3.1% yoy to 2.9%—below expectations of 3.1%. CPI trimmed slowed to 3.0% yoy from 3.1%, matching forecasts. CPI common held unchanged at 2.7% yoy, undershooting the anticipated 2.8%.
The data point to a gradual cooling of inflation, driven by energy but supported by mild softening in core categories.
