Canada's Inflation Rate Slows in September; First Monthly Decline Since November

Canada's inflation rate slowed to 3.8% in September, down from 4% in August. The rate was lower than economists expected.

On a monthly basis, the cost of living declined by 0.1% in September - the first decline since November 2021.

Gasoline prices fell 1.3% in September but are still up 7.5% year-over-year, a major contributor to inflation.

Grocery price increases slowed, with the cost of food up 5.8% year-over-year versus over 11% a year ago.

An economist said the cooling inflation makes it likely the Bank of Canada will hold rates steady at its next meeting.