A customer shops at a market in Toronto, Canada, on Nov. 21, 2023. Canada's Consumer Price Index (CPI) rose 3.1 percent on a year-over-year basis in October, down from a 3.8 percent gain in September, Statistics Canada said Tuesday. (Photo by Zou Zheng/Xinhua)
OTTAWA, Nov. 21 (Xinhua) -- Canada's Consumer Price Index (CPI) rose 3.1 percent on a year-over-year basis in October, down from a 3.8 percent gain in September, Statistics Canada said Tuesday.
The year-over-year deceleration was largely a result of lower prices for gasoline in October, the national statistical agency said.
Excluding gasoline, the CPI rose 3.6 percent in October, following a 3.7 percent increase in the previous month.
According to the agency, on a year-over-year basis, consumers paid 7.8 percent less for gasoline in October after a 7.5 percent increase in September. The decline in October was partly driven by a base-year effect, as prices increased 9.2 percent on a monthly basis in October 2022 when the Organization of the Petroleum Exporting Countries Plus announced production cuts.
In October 2023, prices for gasoline fell 6.4 percent month over month, and the decline was largely due to lower refining margins, which were partly driven by producers switching to cheaper winter blends, the agency said.
The largest contributors to the year-over-year CPI increase continued to be mortgage interest cost, food purchased from stores and rent, the agency said.
On a monthly basis, the CPI rose 0.1 percent in October, following a 0.1 percent decline in September. The monthly increase was largely driven by travel tours and property taxes and other special charges, which are priced annually in October, Statistics Canada said. ■
A customer stands in front of freezers at a store in Vancouver, British Columbia, Canada, on Nov. 21, 2023. Canada's Consumer Price Index (CPI) rose 3.1 percent on a year-over-year basis in October, down from a 3.8 percent gain in September, Statistics Canada said Tuesday. (Photo by Liang Sen/Xinhua)
Customers shop at a store in Vancouver, British Columbia, Canada, on Nov. 21, 2023. Canada's Consumer Price Index (CPI) rose 3.1 percent on a year-over-year basis in October, down from a 3.8 percent gain in September, Statistics Canada said Tuesday. (Photo by Liang Sen/Xinhua)
A customer shops at a store in Vancouver, British Columbia, Canada, on Nov. 21, 2023. Canada's Consumer Price Index (CPI) rose 3.1 percent on a year-over-year basis in October, down from a 3.8 percent gain in September, Statistics Canada said Tuesday. (Photo by Liang Sen/Xinhua)
Customers are seen at a market in Toronto, Canada, on Nov. 21, 2023. Canada's Consumer Price Index (CPI) rose 3.1 percent on a year-over-year basis in October, down from a 3.8 percent gain in September, Statistics Canada said Tuesday. (Photo by Zou Zheng/Xinhua)
Customers shop at a market in Toronto, Canada, on Nov. 21, 2023. Canada's Consumer Price Index (CPI) rose 3.1 percent on a year-over-year basis in October, down from a 3.8 percent gain in September, Statistics Canada said Tuesday. (Photo by Zou Zheng/Xinhua)
A customer shops at a market in Toronto, Canada, on Nov. 21, 2023. Canada's Consumer Price Index (CPI) rose 3.1 percent on a year-over-year basis in October, down from a 3.8 percent gain in September, Statistics Canada said Tuesday. (Photo by Zou Zheng/Xinhua)