Canada Inflation Continues to Ease to 3.1% in October

OTTAWA—Canada’s annual inflation rate cooled last month, thanks largely to lower prices at the pump that helped offset still elevated grocery prices and the rising cost of rent and property taxes.

The country’s consumer price index rose 3.1% in October from a year earlier, the lowest rate since June, Statistics Canada said Tuesday. The pace was in line with market expectations for the month, according to economists at TD Securities, and follows inflation of 3.8% in September.

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