Canada: Consumer Price Index (CPI) increased 1.4% on a year-over-year basis in October

"The Consumer Price Index (CPI) increased 1.4% on a year-over-year basis in October, following a 1.6% gain in September," the Statistics Canada announced on Friday.

Key highlights

The all-items excluding gasoline index rose 1.3% year over year in October, after increasing 1.1% in September.

Prices were up in seven of the eight major CPI components in the 12 months to October, with the transportation and shelter indexes contributing the most to the increase.

Transportation prices rose 3.0% on a year-over-year basis in October, following a 3.8% increase in September.

This deceleration was led by gasoline prices, which increased 6.5% year over year in October after increasing 14.1% the previous month in the aftermath of Hurricane Harvey.