Canada's consumer price index (CPI) rose 6.9 percent year over year in October, matching the increase in September, Statistics Canada said on Wednesday.
Excluding food and energy, prices rose 5.3 percent year over year in October, following an increase of 5.4 percent in September, the national statistical agency said.
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According to the agency, in October, higher prices at the gas pump put upward pressure on the all-items CPI. Additionally, Canadians renewed or initiated mortgages at higher interest rates, which led to acceleration in the mortgage interest cost index. Offsetting the upward pressure was slower price growth on a year-over-year basis for natural gas and groceries, particularly prices for fruit, vegetables, and meat.
Gasoline prices rose 17.8 percent in October compared with October 2021, following a 13.2 percent increase in September 2022. In October, mortgage interest costs increased on a year-over-year basis by 11.4 percent, the highest increase since February 1991.
Prices for food rose 10.1 percent in October, compared with September's 10.3 percent on a year-over-year basis. Prices for meat rose 5.5 percent, fresh fruit 8.9 percent, and fresh vegetables 11 percent.
Despite the slowdown in price growth, prices for food purchased from stores continued to increase at a faster rate year over year than the all-items CPI for the eleventh consecutive month. Canadians paid more for dry or fresh pasta with an increase of 44.8 percent, margarine with an increase of 40.4 percent, lettuce, 30.2 percent, rice and rice-based mixes, 14.7 percent, and soup, 18.4 percent, among other food items.
On a monthly basis, the CPI rose 0.7 percent in October following a 0.1 percent gain in September. The agency said that on a seasonally adjusted monthly basis, the CPI was up 0.6 percent.
In October, average hourly wages rose 5.6 percent on a year-over-year basis, meaning that, on average, prices rose faster than wages, Statistics Canada said.