Canada’s consumer prices accelerated more than expected in September. Headline CPI rose 2.4% yoy, up sharply from 1.9% in August and above consensus of 2.3%. The rebound was largely driven by a smaller year-ago decline in gasoline prices — down -4.1% compared with -12.7% in August — which created a notable base effect in the annual calculation.
Even so, underlying inflation momentum also firmed. Excluding gasoline, CPI rose 2.6% yoy, up from 2.4% in the previous month, signaling broader price pressures beyond energy. All three core inflation measures came in hotter than anticipated. CPI median held steady at 3.2%, beating expectations of 3.0%. CPI trimmed ticked up from 3.0% to 3.1%. CPI common accelerated from 2.5% yoy to 2.7%.
