Canadians didn't feel the pinch quite as hard at the gas pumps and grocery stores last month as inflation came in at 2.2 per cent year over year in October.
That's down from 2.4 per cent in September.
Filling up the car cost 9.4 per cent less in October, following a 4.1 per cent increase in September. According to Statistics Canada, the month-to-month decline was 4.8 per cent.
Three main factors contributed to the slowing of gas prices. Statistics Canada attributes this to the switch to the cheaper winter blend, lower crude prices, and global concerns about oversupply.
At the grocery store, prices climbed 3.4 per cent compared to a year ago and outpaced inflation for the ninth straight month. Food preparations cost 3.2 per cent, fresh vegetables cost another 1.4 per cent, and fresh or frozen chicken climbed 6.2 per cent more after September's 1.5 per cent jump.
Canadians renewing their cell phone plans paid 7.7 per cent more after several carriers raised prices. This marked the first increase in plan costs since April 2023. Meanwhile, the cost of multi-use devices decreased 7.7 per cent, continuing a trend for the 26th consecutive month.
Home and auto insurance also cost Canadians more. Those costs rose 7.3 per cent. Since October 2020, home and mortgage insurance costs have risen 38.9 per cent nationally, while auto insurance premiums jumped 18.9 per cent.
Property taxes increased 5.6 per cent last month, down from six per cent in 2024.
Ontarians also paid less for natural gas. After climbing two per cent last month, it declined 17.3 per cent from a year ago.
