Canada inflation at 2.2 percent in September

22 Octobre, 2018, 01:24 | Auteur: Auguste Feret
  • Sept. 22 2011. JONATHAN HAYWARD  THE CANADIAN PRESS

On a year-on-year basis, the headline inflation decelerated to 2.2 percent from August's 2.8 percent, as compared with consensus expectations of 2.7 percent.

Economists had expected the September figure to come in at 2.7 per cent, according to Thomson Reuters Eikon.

Growth in gas prices eased to 12 per cent annually compared with 20 per cent a month earlier, and air transportation slowed to 7.4 per cent from 26.4 per cent.

In its most recent forecasts released in July, the central bank estimated inflation would average 2.5% in the third quarter - which ends in September - before returning back to near the 2% target by 2019. The 2% core rate is consistent with an economy at full capacity - but not one that is overheating and that should give the Bank of Canada scope to proceed with gradual interest-rate increases. The cost of air transportation fell by 16.6 per cent from a year earlier.

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"The transportation index increased at a slower pace in September (+3.9%) than in August (+7.2%), but remained the largest contributor to the year-over-year increase", the government statistics agency said in a statement. CPI common, which the bank says is the best gauge of the economy's underperformance, dipped to 1.9 per cent from 2.0 per cent in August. Alcoholic beverages and tobacco products were up 4.4 percent. Hotel rates were also down 5.2 per cent compared with a year ago.

The average of the three measures of core inflation, which look to strip out more-volatile items like gas prices and are closely scrutinized by the Bank of Canada, was 2.0 per cent in September compared with 2.1 per cent in August. Traveler accommodation service prices were down 6.2 percent last month. Motor vehicle and parts dealers saw sales increase 0.8 per cent.

Sales at gasoline stations were down 2.0 percent, while clothing and clothing accessories stores fell 1.2 percent. An unexpected drop in retail sales numbers for August will reinforce the view the central bank can take its time on rates.

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