Falling gas prices helped push Canada’s headline inflation rate down to 2.2 per cent in October from 2.4 per cent a month earlier, Statistics Canada said on Monday.

Gasoline prices fell by 9.4 per cent in October after dropping by 4.1 per cent in September, largely thanks to cheaper winter blends and lower crude prices driven by concerns associated with oversupply.

For October, the consumer price index excluding gasoline rose by 2.6 per cent, the same as in September. CPI excluding food and energy rose by 2.7 per cent, up from 2.4 per cent in September.

Measures of core inflation also remained elevated around three per cent. CPI-median rose by 2.9 per cent, down from 3.1 per cent the month before, while CPI-trim rose by three per cent, down from 3.1 per cent in September.

Prices for cellular services also rose by 7.7 per cent year over year in October and by 8.2 per cent on a monthly basis, as providers increased their prices last month. Canadians also paid more on a year-over-year basis for home and auto insurance, which rose by 6.8 per cent and 7.3 per cent respectively.

Property taxes, which are priced annually every October, increased by 5.6 per cent year over year, down from a six per cent rise in 2024.

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The price of food purchased in stores rose by 3.4 per cent last month, down from four per cent in September. On a monthly basis, grocery prices fell by 0.6 per cent, the largest decline since September 2020 when they fell by 1.1 per cent. However, Statistics Canada noted grocery prices have remained elevated and have outpaced overall inflation for nine consecutive months.

Shelter prices rose by 2.4 per cent in October, down slightly from 2.6 per cent the month before.

The headline inflation number was in line with analyst expectations.