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Canada's inflation rate cools to 3.1%

BY The Canadian Press, Nov 21, 2023 6:20 PM - REPORT AN ERROR

Statistics Canada says the year-over-year rate was down from 3.8 per cent in September (Photo: The Canadian Press)

Canada's annual inflation rate slowed to 3.1 per cent in October.

Statistics Canada says the year-over-year rate was down from 3.8 per cent in September.

The drop came as the price drivers paid for gasoline in the month fell nearly eight per cent from a year earlier, compared with a 7.5 per cent increase in September. Grocery prices continued to rise faster than overall inflation --up 5.4 per cent last month -- but Statistics Canada says the pace of increases continued to slow.

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