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Canada: Inflation moderates to 3.1% annually in October compared to the estimated 3.2%

  • Canada’s annual CPI stands at 3.1% in October.
  • BoC core inflation moderates to 2.7% in the year-on-year reading.
  • USD/CAD falls to new daily lows at 1.3695.

He Canada’s Consumer Price Index (CPI) moderated seven tenths in October, falling to 3.1% annually from 3.8% in September, according to the federal government agency Statistics Canada. This is the lowest level of inflation recorded in the country since June 2021. The result improves market expectations, as prices were expected to grow at a rate of 3.2%.

Monthly inflation has grown at a rate of 0.1% in October, as expected, after falling 0.1% the previous month.

He Core CPI of the Bank of Canada (BoC) has stood at 2.7% compared to 2.8% in September. On a monthly basis it has grown 0.3% compared to -0.1% the previous month.

USD/CAD Price Levels

The price of the US Dollar (USD) has fallen against the Canadian Dollar (CAD) by around 20 pips following the release of the data. USD/CAD has fallen to 1.3695, a new daily low. At the time of writing, the pair is trading above 1.3705, down 0.15% on the day.

Source: Fx Street

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