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Inflation Data Shows High Energy Prices Still Contained, for Now: Economists
Gasoline prices jumped 27.8% from a year earlier, while core inflation eased slightly, leaving the Bank of Canada facing mixed signals before its Oct. 28 decision.
- Canada's annual inflation rate climbed to 3.1% in September, driven primarily by surging energy costs, Statistics Canada reported on Monday.
- Gasoline prices surged 27.8% last month compared with a year earlier, while heating oil and other fuels jumped 57.8%, hitting Atlantic Canada consumers hard.
- Underlying price pressures remained contained as core inflation measures eased slightly; CPI-trim fell to 1.8% and CPI-median declined to 1.9% in September.
- BMO chief economist Douglas Porter said the inflation report "does nothing to advance the case for interest rate hikes," while Bank governor Tiff Macklem warned resilience is increasingly "under strain."
- CIBC Capital Markets economist Andrew Grantham suggested policymakers can take more time to assess U.S. trade relations and tariffs before raising rates, despite market expectations rising after Macklem's "hawkish tone" over the weekend.
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Total News Sources17
Leaning Left15Leaning Right0Center2Last UpdatedBias Distribution88% Left
Bias Distribution
- 88% of the sources lean Left
88% Left
L 88%
12%
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