Consumer prices rose 2.0% year-over-year in October 2024, compared to a 1.6% increase in September. Gasoline prices in October were lower than in September, at 4.0%, compared to a 7.1% decline in the previous month. Gasoline prices, Consumer Price Index by 2.2% in October, the same rate as in August and September
As for general toy prices, they rose 0.1% year-over-year in October after a 1.0% increase in September. On the other hand, service sales recorded a nine-year increase, recording a 3.6% increase, the smallest annual increase since January 2022. Over the past three years, sales have increased by 10.2%, while the increase in service prices was larger, reaching
This data is available to service and miscellaneous services services in varying degrees with different economic events. While sales flows began in September, they began to increase in October. However, service prices have slowed despite their length. These beginnings lead to non-existent economic innovations, putting pressure on people to become both. The impact of these price changes remains a critical issue for consumers and the economy as a whole, especially in light of the ongoing price volatility that is recorded monthly.
On a monthly basis, the consumer price index rose 0.4% in October after falling 0.4% in September. On a seasonally adjusted monthly basis, the consumer price index rose 0.3%.
Gasoline prices decline less year-on-year
On a year-on-year basis, gasoline prices fell less in October (-4.0%) than in September (-1.0.7%). The smaller decline is partly due to the base effect, as prices fell 6.4% month-on-month in October 2023, as a result of lower refining margins and weak global oil consumption. On a monthly basis, gasoline prices rose 0.7% in October, after falling 7.1% in September.
Slower rise in housing prices
Home price growth continued to slow in October 2024, rising 4.8% year-on-year, compared to a 5.0% increase in September. This slowdown was due to a 14.7% decline in mortgage interest costs in October, after a 16.7% increase in September. Since September 2023, mortgage interest costs have been declining year-on-year, after peaking in August 2023 (+30.9%). Rental price growth also slowed in October, rising 7.3% year-on-year, after an 8.2% increase in September. The largest slowdowns were recorded in two regions, Nova Scotia (+5.2%) and Manitoba (+6.5%). Despite this slowdown, rental prices are still rising significantly, increasing 21.6% compared to October 2021.
This slowdown in home price growth shows the impact of lower financing costs on the real estate markets. The higher rent prices also reflect continued pressure on tenants, despite the relatively slower pace of growth. It is important to note that local markets are uneven in their impact, with some regions, such as Nova Scotia and Manitoba, experiencing a greater decline in the pace of growth.
Despite the slowdown in growth in some indicators, housing prices and rents remain high over the long term. Consumers continue to face significant challenges in these economic conditions, with housing costs rising steadily.
The housing market is one of the largest economic indicators affected by a number of internal and external factors. This moderate increase in housing prices is expected to continue, with interest rates continuing to weigh on consumers’ affordability.
Store food prices rise at a faster pace
Store food prices rose at a faster pace year-on-year in October (+2.7%) than in September (+2.4%). This was the third consecutive month that grocery price growth outpaced overall inflation. Notable contributors to the acceleration were other fresh vegetables (+7.3%) and preserved fruits and fruit preparations (+7.6%).
Regional Highlights
In October 2024, all provinces saw an increase in consumer prices on an annual basis compared to September. This reflects a general trend in most regions, where prices rose at a faster pace. Chart (6) shows an increase in the consumer price index in all provinces in October.
As for property taxes, they rose significantly. Other taxes and special fees, which are priced annually in October, increased by 6.0% year-on-year. By comparison, the increase in October 2023 was 4.9%. This was the highest annual increase since 1992.
At the provincial level, taxes and special fees increased in all regions. The largest increase was in Newfoundland and Labrador (+9.7%), followed by British Columbia (+8.0%). This disparity in increases shows that the impact of taxes varies from region to region, with some regions having a greater financial burden on citizens than others.
Property taxes and special fees depend on several factors. First, they are determined based on the assessed value of homes. Second, municipal and regional tax rates play a major role in determining the increase. In addition, municipalities charge fees for specific services such as sewerage and garbage collection. Finally, fees are affected by homeowners’ tax cuts.
It is worth noting that this increase in taxes represents an additional burden on individuals and families, especially in areas that saw the largest increase. Financial pressures on citizens are expected to continue as the cost of living increases in many provinces.
Finally, this growth in property taxes and special fees reflects ongoing economic challenges. Residents in some areas are likely to have greater difficulty withstanding these increases in the near future.
