Statistics Canada said inflation rose to 3.1% year over year in September, as gasoline prices jumped 27.8% despite the switch to a cheaper winter blend; excluding gasoline, prices rose 2.2%. Fuel oil and other fuels surged 57.8%, hitting Atlantic Canada hard. Grocery inflation slowed to 1.7%, the smallest annual increase since May 2024, as fresh vegetable prices fell 2.9%, while shelter prices rose 1.8%. Economists had expected 3.2%. Bank of Canada Governor Tiff Macklem warned that high energy prices raise the risk of broader inflation and said the bank is prepared to raise rates if necessary before its Oct. 28 decision, while CIBC's Andrew Grantham said the data suggests little rush.
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inflationCanadafuel pricesinterest rates
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USD/CAD
▼ Likely negativeRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/16/2026 | 1.41389 |
| Change that session | -0.32% |
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Related news
- Statistics Canada set to release September inflation figures
Statistics Canada is releasing its September inflation report today, and a Reuters poll of economists expects the rate to have accelerated to 3.2% from 3% in August. Economists say persistently high energy prices are the main force pushing inflation up, and they will look for signs that cost pressures are spreading beyond gasoline. The report is the Bank of Canada's last look at price data before its October 28 rate decision. The central bank has said it will look through the initial effects of the Middle East war but is prepared to raise its policy rate if inflation spreads. Its quarterly consumer and business surveys, released the same day, will show whether firms plan to pass higher supply chain costs on to customers.
- Higher gas prices drove inflation up to 3 . 1 % in September : StatCan
- CP NewsAlert : Higher gas prices drove inflation up to 3 . 1 % in September : StatCan
Statistics Canada said annual inflation rose to 3.1% in September, led by a 27.8% jump in gasoline prices from a year earlier as the Middle East war kept pushing up gas prices, despite the switch to cheaper winter gas. Excluding gasoline, consumer prices rose 2.2%, while fuel oil surged 57.8%, hitting Atlantic Canada hard where many homes are heated with oil. Grocery inflation slowed to 1.7%, its smallest yearly increase since May 2024, as fresh vegetables fell 2.9% and sugar and confectionery dropped 2.7%, while beef rose 8.7% after 11% in August. Shelter prices rose 1.8%, up from 1.5% in August, with mortgage insurance up 4.9% and home maintenance and repair costs up 1.2%.
- Canada inflation : StatCan to release September figures today
Canada's annual inflation rose to 3.1% in September, driven by a 27.8% jump in gasoline prices from a year earlier, even with the switch to a cheaper winter blend. Excluding gasoline, consumer prices rose 2.2%, while fuel oil and other fuels surged 57.8%, hitting Atlantic Canada hard. Grocery prices rose 1.7%, the smallest yearly increase since May 2024, though they are up 33% since September 2020. Shelter prices rose 1.8%, up from 1.5% in August, largely due to a 4.9% increase in mortgage insurance.
- Canada inflation: StatCan to release September figures today
Canada's annual inflation rate rose to 3.1% in September, as the war in the Middle East kept pushing up gas prices. Gasoline prices jumped 27.8% from a year earlier, despite the switch to a cheaper winter blend, and fuel oil surged 57.8%, hitting Atlantic Canada hard where many homes use oil heating. Excluding gasoline, consumer prices rose 2.2%. Grocery inflation slowed to 1.7%, the smallest yearly increase since May 2024, as fresh vegetables fell 2.9% and beef's increase eased to 8.7% from 11% in August. Shelter prices rose 1.8% (up from 1.5%), led by a 4.9% jump in mortgage insurance and a 1.2% rise in home maintenance and repair costs.
- NetNewsLedger - Bank of Canada Macklem Warns Energy Prices Could Push Inflation Higher
Bank of Canada Governor Tiff Macklem said persistently high global energy prices will push up the inflation outlook in Canada, speaking on the sidelines of the IMF meetings in Bangkok. He said the global economy has held up better than expected despite the wars in Iran and Ukraine, but that resilience is wearing thin as strategic oil reserves are being drawn down and Houthi attacks on Saudi Arabia, damage to Gulf refining capacity and the closure of the Strait of Hormuz offer little near-term relief for oil prices. Canadian inflation has held steady at 3% for two months against a 2% target, and Macklem expects the updated forecast due with the Oct. 28 rate decision to be quite a bit higher than July's projection of about 2.5% for the second half of the year. He said the central bank will weigh whether inflation will fall on its own or whether rates must rise, and pointed to the stability of the Canadian dollar as a sign of confidence. Statistics Canada releases its September inflation report on Monday.
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