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 Middle East war kept pushing up fuel costs, 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 annual rise 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, driven by a 4.9% rise in mortgage insurance and a 1.2% increase in home maintenance and repair costs. The report is the Bank of Canada's last look at price data before its Oct. 28 rate decision; economists had expected 3.2%, and CIBC's Andrew Grantham said the figures suggest there is little rush to raise rates.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on prpeak.com ↗
Keywords
inflationCanadainterest ratescentral bank
Open a keyword to see other news on the same topic.
Related tickers and likely impact
USD/CAD
• NeutralRelevance: 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.
Related news
- Statistics Canada set to release September inflation figures – Winnipeg Free Press
Statistics Canada is set to release September inflation data. A Reuters poll of economists expects inflation to rise to 3.2% in September, up from 3% in August. Economists say persistently high energy prices are the main driver and will watch for cost pressures 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 says it will look through initial effects from the Middle East war but is ready to hike if inflation spreads, and it will also release quarterly surveys on whether firms plan to pass supply chain costs to customers.
- Bank of Canada Macklem warns global resilience under strain
Bank of Canada Governor Tiff Macklem said persistently high global energy prices will push up Canada's inflation outlook, adding that global resilience is under strain as shocks persist. Speaking on the sidelines of the IMF meetings in Bangkok, he noted that strategic oil reserve releases are being depleted, and that Houthi attacks on Saudi Arabia, damage to Gulf refining capacity and the closure of the Strait of Hormuz leave no relief in sight for oil prices. Canadian inflation has held at 3% for two months, and Macklem expects the outlook to be quite a bit higher than the July forecast of about 2.5% for the second half of the year. The bank will release new forecasts with its October 28 rate decision and is prepared to raise rates if price pressures spread. Macklem nonetheless expressed confidence in Canada, citing a relatively stable Canadian dollar and early signs of recovery and investment.
- Bank of Canada Macklem warns global resilience under strain – Winnipeg Free Press
Bank of Canada Governor Tiff Macklem warned that persistently high global energy prices will push up domestic inflation. Speaking on the sidelines of the International Monetary Fund meetings in Bangkok, he said the global economy has performed better than expected, but its resilience is increasingly under strain from Middle East conflicts and depleting strategic oil reserves. Canadian inflation has held at three per cent for two months, and he expects the new forecast to be quite a bit higher than the July projection of around 2.5 per cent for the second half of the year. The central bank will assess Statistics Canada's September inflation report and is prepared to raise rates if price pressures spread. Macklem also expressed confidence in Canada, citing relative stability of the Canadian dollar and early signs of recovery and investment.
- Statistics Canada set to release September inflation figures
Statistics Canada is set to release September inflation data. A Reuters poll of economists expects inflation to rise to 3.2% in September, up from 3% in August. Economists say persistently high energy prices are the main driver and will watch for cost pressures 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 says it will look through initial effects from the Middle East war but is ready to hike if inflation spreads, and it will also release quarterly surveys on whether firms plan to pass supply chain costs to customers.
- Bank of Canada Macklem warns global resilience under strain
Bank of Canada Governor Tiff Macklem warned that persistently high global energy prices will push up Canada's inflation outlook, saying global resilience is increasingly under strain as conflicts in the Middle East, Iran and Ukraine persist and strategic oil reserves are depleted. He said the Bank's updated forecast, due Oct. 28 alongside its rate decision, will show inflation quite a bit higher than the around 2.5% projected in July for the second half of this year, after Canadian inflation held at three per cent for two months. Macklem said the central bank has so far looked through the energy shock but is increasingly worried and prepared to raise rates if price pressures spread. He also expressed some confidence in Canada, citing relatively stable currency against the U.S. dollar, signs of investment recovery, and companies adapting to U.S. tariff uncertainty.
- Bank of Canada Macklem warns global resilience under strain – Brandon Sun
Bank of Canada Governor Tiff Macklem warned that persistently high global energy prices will push up domestic inflation. Speaking on the sidelines of the International Monetary Fund meetings in Bangkok, he said the global economy has performed better than expected, but its resilience is increasingly under strain from Middle East conflicts and depleting strategic oil reserves. Canadian inflation has held at three per cent for two months, and he expects the new forecast to be quite a bit higher than the July projection of around 2.5 per cent for the second half of the year. The central bank will assess Statistics Canada's September inflation report and is prepared to raise rates if price pressures spread. Macklem also expressed confidence in Canada, citing relative stability of the Canadian dollar and early signs of recovery and investment.
Related markets
Latest news
- Why Meta's Q3 earnings could be a little hard to interpret
Meta is reporting its third-quarter earnings after the market closes Wednesday, and Yahoo Finance's Brian Sozzi says the report will be hard to interpret. Recent good news on Meta's AI products, including new models and an AI agent, may not appear directly in the results but will likely be discussed on the earnings call. The key uncertainty is how investors will react if Meta raises its capex outlook again: it could be seen as fueling those products, or as overspending on offerings not yet reflected in financials. Sozzi expects the market to give Meta the benefit of the doubt on higher capex, as long as the increase does not shock investors.
- Zerohash rolls out a new tool to move crypto without copying wallet addresses
Zerohash launched AUTH, a service that lets users move crypto, stablecoins and blockchain-based stock tokens between linked exchange accounts or self-custody wallets without copying wallet addresses or choosing a blockchain network. To transfer, users pick an account in an app that offers AUTH, sign in and approve the move, while the service handles routing and settlement and each app sets which assets and transfer types it allows. AUTH supports more than 600 connections, including Coinbase, Robinhood, Gemini, MetaMask and Phantom, with Coinbase, Robinhood and Gemini live and Kraken in beta. The launch comes as Zerohash's application for a national trust bank charter, returned by the Office of the Comptroller of the Currency in July, remains pending after a narrower refiling on Aug. 18.
- 2 charts show why Wall Street is right to worry about tech stocks
Rising cost of capital could affect the financial statements of hyperscalers such as Oracle (ORCL) and Google (GOOG, GOOGL) in 2027, as they need fresh debt to fund AI infrastructure and free cash flow may turn negative. JPMorgan strategist Mislav Matejka forecasts hyperscaler free cash flow will turn negative in 2027, implying credit markets will drive more of the AI build-out. Consensus estimates for 2027 capital expenditures are already rising from levels experts believe are too low. Morgan Stanley sees total 2027 capex among hyperscalers reaching $1.6 trillion, up from $978 billion estimated for this year. Dan Ives of Yorkville expects capex to reach the trillions and over 1,000 datacenters to be built in the next few years.
- Update on loan rate cuts as of the evening of Oct 19: MB, VietinBank, SHB, OCB join in
SHB, MB, VietinBank and OCB have announced loan rate cuts, following Agribank, Vietcombank, BIDV, ACB, LPBank and VietBank, with typical reductions of 1.5-2% per year. MB is cutting 1.5% per year for five priority sectors, to rates from 7.9% per year, and up to 2% in some cases; VietinBank is cutting up to 2% per year, while OCB offers up to 2.25% per year on some medium- and long-term loans for OCB Priority Banking members. SHB is cutting 1.5-2% per year for businesses and households and offers rates from 5.5% per year for lecturers and students at some universities. Vietcombank commits to cutting at least 2% through year-end, BIDV applies rates from 6% per year on short-term VND loans from 15/10/2026, and VietBank runs a VND 3,000 billion package. Specific benefits depend on borrower type, loan purpose, term and program conditions, following directives from the Government and the State Bank of Vietnam.
- Nvidia wins CPU business from Modal, previously exclusive to AMD and Intel
Modal, a San Francisco-based AI cloud startup that previously ran its AI agent workloads only on Intel and AMD processors, will begin using Nvidia's new Vera CPU. Early tests showed the Nvidia chip doubled work capacity for AI agents, and Modal plans to run it alongside Intel and AMD chips, assigning each task to the most efficient hardware, though integration requires substantial software changes. Modal recently raised $750 million in a round led by Accel at a $15.75 billion valuation and expects $1 billion in sales over the next year, with usage tripled and revenue up more than 15 times year-over-year. Nvidia projects at least $20 billion in Vera chip revenue this fiscal year in a market it estimates at about $200 billion, and says OpenAI, Anthropic, Oracle and Perplexity also plan to use the chips.
- America's EV Plans Have Died
Billions of dollars went into EV factories, dealerships and marketing after President Biden set a goal for 50% of new US car sales to be zero-emission by 2030, but EV sales have since fallen sharply. US EV sales dropped 30.7% in the first nine months of 2026, after the $7,500 tax credit expired on September 30 last year, and gas prices near $4.50 per gallon have done little to lift them. According to Kelley Blue Book, the average transaction price of a new EV was $54,754 in August, above the $50,089 average for all new cars. Ford's EV sales fell 80.2% to 6,047 in the third quarter, and it has no new EV planned until its Fathom launches next year, while Tesla holds over 50% of the market and no other major automaker has even 10%. The article says EVs could recover if gas prices reach $5 and stay there for months, but that is uncertain.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.