Canada’s Consumer Price Index rose 6.9% in October (y-o-y)

Statistics Canada
November 16, 2022
Category: Finance & Economics
Region: Canada

The Consumer Price Index (CPI) rose 6.9% year over year in October, matching the increase in September. Faster price growth for gas and mortgage interest costs were moderated by slowing price growth for food. Excluding food and energy, prices rose 5.3% year over year in October, following a gain of 5.4% in September. …Canadians renewed or initiated mortgages at higher interest rates, which led to acceleration in the Mortgage Interest Cost Index. …In October, average hourly wages rose 5.6% on a year-over-year basis, meaning that, on average, prices rose faster than wages. Although Canadians experienced a decline in purchasing power, the gap was smaller than in September. …The homeowners’ replacement cost index, which is related to the price of new homes, slowed in October (+6.9%) after increasing 7.7% in September.

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