Canada’s September CPI came in
Canada’s September CPI came in at 3.1%, versus 3.2% expected and 3.0% in August. Gasoline is up 27.8% year over year, and inflation excluding gasoline was 2.2%.
Core measures were a tick below forecast, with CPI-trim at 1.8% and CPI-median at 1.9%. Rent rose 0.5% on the month, leaving the annual rate at 2.8%, which CIBC called “surprisingly firm.”
The Bank of Canada decides October 28, with CIBC seeing little rush to hike and Governor Macklem saying the Bank is prepared to raise rates if necessary.
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Source: Statistics Canada CPI (Sep. 2026), as reported by CIBC Economics (Andrew Grantham) and The Canadian Press, Oct. 19, 2026