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OTTAWA – Canada’s inflation rate dipped to a lower-than-expected 3.1% in October on a year-over-year basis, largely driven by a significant 7.8% decrease in gasoline costs. Statistics Canada announced these figures today, alongside a monthly Consumer Price Index (CPI) rise that met expectations at 0.1%.
The data also revealed that when excluding volatile items such as food and energy, the monthly Core CPI, which is often seen as a more stable measure of price changes, increased by 0.3%. However, the annual Core CPI, which strips out these volatile elements, showed a slight decline to 2.7%, falling short of the anticipated 3.2%.
Following the release of these inflation metrics, there was a noticeable movement in currency markets. The USD/CAD exchange rate experienced downward trading pressures, settling around the mark of 1.3700 after the report was made public. This movement reflects traders’ reactions to the inflation data, which could influence future interest rate decisions by the Bank of Canada.