Canada CPI Rises to 3.1%, Core Inflation Cools

Statistics Canada released September CPI data on Oct. 19, 2026. Canada's annual inflation rate rose to 3.1% from 3.0% in August, below the 3.2% Reuters poll forecast. Gasoline climbed 27.8% year over year and energy 19.0%. The monthly CPI rose 0.1% versus 0.2% expected. Bank of Canada preferred core measures averaged 1.85%, their slowest pace in six years; prices excluding gasoline rose 2.2% and shelter stood at 1.8% year over year. USD/CAD moved higher. CONTESTED: Bloomberg and Richmond News framed the print as inflation edging up to 3.1% with core easing. The Hub and Independent Journal Review framed it as a gasoline surge lifting the rate to 3.1% while grocery, shelter and core trends cooled. The Bank of Canada was set to release its quarterly business and consumer surveys later that morning. The Canadian dollar weakened after the data.