Canada's annual inflation rose to 3.1% in September, according to Statistics Canada, as the war in the Middle East kept pushing up gasoline prices. Gasoline prices climbed 27.8% from a year earlier despite the switch to a cheaper winter blend, and fuel oil and other fuels surged 57.8%, hitting Atlantic Canada hard, where many homes use oil heat. Excluding gasoline, consumer prices rose 2.2%. Grocery prices increased 1.7%, the smallest annual gain since May 2024, while beef rose 8.7%. Shelter prices climbed 1.8% from 1.5% in August, led by a 4.9% rise in mortgage insurance.
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USD/CAD
▼ Likely negativeRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/16/2026 | 1.41389 |
| Change that session | -0.32% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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- Higher gas prices drove inflation up to 3 . 1 % in September : StatCan
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Canada's annual inflation rate rose to 3.1 per cent in September as gasoline prices jumped 27.8 per cent amid the Middle East war, but came in slightly below the 3.2 per cent economists had expected. Excluding gasoline, consumer prices rose 2.2 per cent, after 2.4 per cent in August. Core measures, CPI-trim at 1.8 per cent and CPI-median at 1.9 per cent, suggest underlying price pressures remain relatively contained and higher energy costs have yet to spread widely. Bank of Canada Governor Tiff Macklem warned the bank was prepared to raise rates if necessary, while CIBC's Andrew Grantham said the data suggests policymakers have little rush to do so. Regional gaps were wide, with Ontario lowest at 2.5 per cent and all three Maritime provinces well above the national rate as heating oil prices surged.
- Higher gas prices drove inflation up to 3.1% in September: StatCan
Statistics Canada reported that annual inflation rose to 3.1% in September from 3% in August, led by a 27.8% jump in gasoline prices as the Middle East war continued, while fuel oil and other fuels surged 57.8%. Excluding gasoline, consumer prices rose 2.2%. Grocery inflation slowed to 1.7%, its smallest annual gain since May 2024, mainly due to a 2.9% drop in fresh vegetable prices, though groceries are still up 33% since September 2020. Shelter prices rose 1.8%, up from 1.5% in August, driven by higher mortgage insurance and home maintenance costs. The figure came in below the 3.2% economists had broadly expected and is the Bank of Canada's last price report before its Oct. 28 rate decision; CIBC's Andrew Grantham said it suggests little rush to hike rates, while Governor Tiff Macklem warned high energy prices raise inflation risks.
- Canada inflation : Inflation up to 3 . 1 % in September says StatCan
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.
- 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%.
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