Canadian Inflation Slows in October, Easing Rate Hike Pressure
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Canada's annual inflation rate eased to 3.1% in October, lower than forecast and marking a decline from 3.8% in September.
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Core inflation measures like CPI-median and CPI-trim also edged down to their lowest levels since late 2021.
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The data likely closes the door on further interest rate hikes by the Bank of Canada for now.
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Gasoline prices dropped 7.8% year-over-year, helping drag down overall inflation.
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Services prices accelerated to 4.6%, the fastest pace since May, even as goods inflation slowed.