Canada's annual inflation slows to 3.1% in October from 3.8% in September

By Ovunc Kutlu

ISTANBUL (AA) - Canada's annual consumer inflation slowed down to 3.1% in October from 3.8% in September, the country’s statistical authority said Tuesday.

The consumer price index (CPI) came in lower than market expectations of 3.2%.

The rate, in addition, reflects a significant slowdown since the 8.1% figure last June — the highest in 39 years.

The annual deceleration in inflation was largely a result of lower prices for gasoline, which declined 7.8% in October, Statistics Canada said in a statement.

"Excluding gasoline, the CPI rose 3.6% in October, following a 3.7% increase in September," it added.

On a monthly basis, however, CPI was up 0.1% in October, coming in line with market estimates, but accelerating from a 0.1% decline in September.

"The monthly increase was largely driven by travel tours and property taxes and other special charges," said the statement. "On a seasonally adjusted monthly basis, the CPI fell 0.1%."