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October's Economic Snapshot: Canada's CPI Slows as Rent and Service Costs Climb

The Canadian CPI for October showed a year-over-year increase of 3.1%, marking a slowdown from September's 3.8%.


This deceleration is primarily attributed to a significant drop in gasoline prices, which fell by 7.8% year-over-year. Although the rate of increase in goods prices slowed to 1.6% year-over-year, the cost of services accelerated, rising by 4.6% (compared to 3.9% in September), driven largely by higher expenses for travel, rent, and property.


Meanwhile, as the housing bubble begins to deflate amid rising refinancing costs, rental prices continue to climb, with an 8.2% year-over-year increase in October, up from 7.3% in September.


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